8CSpecific functions relating to principal arranged construction insurance

8C Specific functions relating to principal arranged construction insurance

8C Specific functions relating to principal arranged construction insurance

(1) The Self Insurance Corporation has the following functions with respect to principal arranged construction insurance—

(a) to carry on the business of providing principal arranged construction insurance with respect to major capital works projects in New South Wales,

(b) to manage the Construction Risks Insurance Fund,

(c) to enter into contracts, agreements or other arrangements with other persons (including re-insurers) for services relating to the exercise of the Corporation’s functions in connection with the provision of such principal arranged construction insurance and the management of the Construction Risks Insurance Fund.

(2) A project is a major capital works project for the purposes of subsection (1) (a) if—

(a) the construction contract for the project provides for the construction of a building, road, tramway, railway, bridge, tunnel or other capital works, and

(b) one or more of the principals in relation to the construction contract is or are the State or an authority of the State, and

(c) the project is—

(i) required to have mandatory Government arranged construction insurance, or

(ii) a project that the Minister, by order published in the Gazette, has declared to be a project involving major capital works for the purposes of this section.

s 8C: Ins 2013 No 45, Sch 1 [8].