sec.26Insurance Fund

### sec.26 Insurance Fund A fund called the Insurance Fund is established. The fund consists of— the balance of the Builders’ Registration Board Insurance Fund as at the commencement of this section; and all money received or recovered by the commission in connection with the statutory insurance scheme; and all amounts transferred from the General Statutory Fund under section 25 . The following amounts are to be paid from the fund— the costs of administering the statutory insurance scheme; the costs of paying out claims under the statutory insurance scheme. A regulation may require the fund to be managed— in the way prescribed under a regulation; or in accordance with an external standard of fund administration prescribed under a regulation. s 26 amd 1994 No. 20 s 3 sch ; 1996 No. 54 s 9 sch ; 1999 No. 43 s 13 ; 2003 No. 1 s 8 ; 2003 No. 36 s 39 ; 2013 No. 38 s 14 sch 1 (sec.26-ssec.1) A fund called the Insurance Fund is established. (sec.26-ssec.2) The fund consists of— the balance of the Builders’ Registration Board Insurance Fund as at the commencement of this section; and all money received or recovered by the commission in connection with the statutory insurance scheme; and all amounts transferred from the General Statutory Fund under section 25 . (sec.26-ssec.3) The following amounts are to be paid from the fund— the costs of administering the statutory insurance scheme; the costs of paying out claims under the statutory insurance scheme. (sec.26-ssec.4) A regulation may require the fund to be managed— in the way prescribed under a regulation; or in accordance with an external standard of fund administration prescribed under a regulation. - (a) the balance of the Builders’ Registration Board Insurance Fund as at the commencement of this section; and - (b) all money received or recovered by the commission in connection with the statutory insurance scheme; and - (c) all amounts transferred from the General Statutory Fund under section 25 . - (a) the costs of administering the statutory insurance scheme; - (b) the costs of paying out claims under the statutory insurance scheme. - (a) in the way prescribed under a regulation; or - (b) in accordance with an external standard of fund administration prescribed under a regulation.