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Have your say on draft home building insurance guidelines

media release | 21/09/2017

The State Insurance Regulatory Authority (SIRA) is encouraging tradespeople, homeowners and industry representatives to have their say on proposed standards and guidelines for the new home building compensation scheme in NSW.

SIRA has released two draft guidelines today as part of its continued consultation process about how licensed providers should:

  • Manage claims for home building compensation
  • Adopt good business practices.

The draft guidelines follow previously released discussion papers on premiums and eligibility.

SIRA will develop additional guidelines and regulations that will determine how the scheme will operate.

SIRA’s Acting Chief Executive, Carmel Donnelly, said the draft claims handling guidelines aimed to ensure providers process compensation claims in a fair, transparent and timely manner.

“The claims handling guidelines will set the claims lodgement process and suitable standards for providers’ communication with homeowners,” she said.

“Meanwhile, the business planning guidelines will support SIRA’s ability to assess that providers adopt good business practices and that they have the capacity to offer suitable products and services.”

The current scheme is being reformed after the NSW Government passed legislation in June.

SIRA will independently regulate private providers, who may enter the scheme and offer home building compensation products in addition to the NSW Government’s insurance provider, icare HBCF, from 2018.

To have your say and find out more, visit the SIRA website at www.sira.nsw.gov.au