Earlier this year NIBA provided a detailed submission to the NSW Government review of the Home Building Compensation Fund and home owners warranty insurance.

NIBA has been advised that the Government has made a decision on this matter, and that an announcement is imminent.

The underwriting and financial requirements for access to the HBCF scheme coverage are extensive,detailed and complicated.

Insurance brokers play a vital role in advising and assisting their client builders meet the underwriting requirements of the scheme, and by gathering and providing the detailed financial and other information required by the HBCF as insurer and by the scheme agents.

We will continue to monitor the situation closely, and will advise Members as soon as information comes to hand.

The NIBA submission on this issue is available here.