Data is collected on claims and policies from insurers to monitor the operation of the scheme.
This data is used to produce information to:
- inform stakeholders and the general public of the financial progress of the scheme
- assess the affordability and viability of the scheme
- advise the responsible Minister and the Government on the scheme, including policy matters (eg. possible changes to the scheme)
- assist in monitoring an insurer’s compliance with their conditions of approval including compliance with the market practice guidelines and claims handling guidelines.
The data can also be used to produce industry-wide information to assist insurers in managing their business.
Information on the operation of the scheme is available below. You can view or download the scheme report and supplementary reports.
- December 2010 - Home Warranty Insurance Scheme information
- September 2010 - Home Warranty Insurance Scheme information
- June 2010 - Home Warranty Insurance Scheme information
- June 2010 - Supplementary report - data to 30 June 2010
- April 2010 - Supplementary report - data to 30 June 2009
- March 2010 - Home Warranty Insurance Scheme information
The Home Warranty Insurance (now known as insurance under the Home Building Compensation Fund) Industry Deed is an agreement between the government and the former private insurers approved under the Home Building Act 1989 to provide home warranty insurance (insurance under the Home Building Compensation Fund) in NSW.
The deed sets out the government’s commitment to consult with insurers on any changes to the home warranty insurance (insurance under the Home Building Compensation Fund) scheme, such as changes to the legislation and the market practice and claims handling guidelines required to be complied with by insurers as part their conditions of approval.
In turn, the insurers have made commitments related to maintaining systems and processes; portfolio transfers and assigning liabilities.
All private insurers who were approved to provide home warranty insurance in NSW are signatories to the agreement.
The deed's development was overseen by the Home Warranty Insurance Scheme Board and commenced on 30 December 2005.