8ASpecific functions in relation to insurance under Home Building Act 1989

8A Specific functions in relation to insurance under Home Building Act 1989

8A Specific functions in relation to insurance under Home Building Act 1989

(1) General functions The Self Insurance Corporation has the following functions with respect to insurance under Part 6 of the Home Building Act 1989—

(a) to carry on the business of providing insurance for building work done in New South Wales that requires insurance under that Part,

(b) to manage the Home Building Compensation Fund,

(c) to enter into contracts, agreements or other arrangements with building management service providers and other persons (including re-insurers) for services relating to the exercise of the Corporation’s functions in connection with the provision of insurance under that Part and the management of the Home Building Compensation Fund.

Note—

See section 50 of the Interpretation Act 1987 concerning the powers of statutory corporations in exercise of their functions. These powers include the power to hold and otherwise deal with property.

(2) Insurance guidelines In exercising its functions with respect to insurance under Part 6 of the Home Building Act 1989, the Self Insurance Corporation is to comply with any Insurance Guidelines issued under the Home Building Act 1989.

(3) A failure to comply with any such guidelines does not affect the validity of any action taken (or omitted to be taken) by or on behalf of the Self Insurance Corporation in connection with the exercise of its functions with respect to insurance under Part 6 of the Home Building Act 1989.

(4) Insurance agents and brokers Without limiting subsection (1) (c), the Self Insurance Corporation may enter into contracts, agreements or other arrangements (insurance agency or broker arrangements) for the appointment of persons to act as agents (insurance agents) or insurance brokers for the Corporation concerning the exercise of any of the functions of the Corporation in connection with the provision of insurance under Part 6 of the Home Building Act 1989.