sec.68DSetting of insurance premiums

### sec.68D Setting of insurance premiums This section provides for setting the different insurance premiums payable under the statutory insurance scheme. Insurance premiums differ depending on the type of cover or type of work to which the premium relates. The commission must state the insurance premiums, or the way the premiums are calculated, in the gazette. Before stating the different insurance premiums, or the way the premiums are calculated, the commission must— have regard to the commission’s obligation under section 26A ; and ensure insurance premiums are sufficient to meet the costs mentioned in section 26 (3) ; and have regard to any regulation made under section 26 (4) ; and obtain the Minister’s approval for the premium. The commission must review the different insurance premiums at least once every 12 months. A regulation may prescribe the way the insurable value of residential construction work is calculated for stating an insurance premium. Subsection (7) applies if a principal engages a construction manager under a construction management contract to provide building work services for the carrying out of residential construction work. For calculating the insurance premium payable by the construction manager, the amount paid by the principal to the construction manager under the contract must be added to the insurable value of the residential construction work. s 68D ins 2007 No. 47 s 45 amd 2013 No. 38 s 14 sch 1 sub 2014 No. 57 s 36 (sec.68D-ssec.1) This section provides for setting the different insurance premiums payable under the statutory insurance scheme. Insurance premiums differ depending on the type of cover or type of work to which the premium relates. (sec.68D-ssec.2) The commission must state the insurance premiums, or the way the premiums are calculated, in the gazette. (sec.68D-ssec.3) Before stating the different insurance premiums, or the way the premiums are calculated, the commission must— have regard to the commission’s obligation under section 26A ; and ensure insurance premiums are sufficient to meet the costs mentioned in section 26 (3) ; and have regard to any regulation made under section 26 (4) ; and obtain the Minister’s approval for the premium. (sec.68D-ssec.4) The commission must review the different insurance premiums at least once every 12 months. (sec.68D-ssec.5) A regulation may prescribe the way the insurable value of residential construction work is calculated for stating an insurance premium. (sec.68D-ssec.6) Subsection (7) applies if a principal engages a construction manager under a construction management contract to provide building work services for the carrying out of residential construction work. (sec.68D-ssec.7) For calculating the insurance premium payable by the construction manager, the amount paid by the principal to the construction manager under the contract must be added to the insurable value of the residential construction work. - (a) have regard to the commission’s obligation under section 26A ; and - (b) ensure insurance premiums are sufficient to meet the costs mentioned in section 26 (3) ; and - (c) have regard to any regulation made under section 26 (4) ; and - (d) obtain the Minister’s approval for the premium.