Home Building Compensation Licence - New South Wales

Description

You will require a licence if you intend to provide insurance or an alternative indemnity product to contractors and tradespeople that do residential home building work.

It is compulsory for contractors and tradespeople to have home building compensation cover for work costing more than $20,000. This covers home owners if, for some reason, the work doesn't meet standards or cannot be completed.

Please consult the Contact Officer for more information.

Service type

Licence

A licence defines the need to obtain recognition / certification and registration to undertake a certain business activity.

Eligibility requirements

You will need to provide the following with your application:

  • particulars of the shareholders, directors and other managers of the applicant
  • previous returns and accounts under corporations and insurance law
  • particulars of re-insurance arrangements to which the applicant is a party
  • a draft business plan.

When determining your application, the authority may take into account:

  • your suitability
  • your paid-up share capital and reserves
  • your insurance constitution
  • your re-insurance arrangements
  • the efficiency of the insurance scheme
  • any applicable insurance guidelines.

Please consult the Contact Officer for more information regarding eligibility requirements.

Duration

For the period specified on the licence.

Fees

Fees Details for this service in table format.

Task Type Business Structure Amount Description
Apply Application All $50000.00 Insurer licence
Apply Application All $60000.00

Alternative indemnity product licence

Act(s) name

Home Building Act 1989 New South Wales

Administering agency

Department of Customer Service

State Insurance Regulatory Authority

Contact details

Contact Email, Phone and Address Details for this service in simple two column table format, header then data.

Please use these contact details for help or more information:

Director - Insurer Performance

State Insurance Regulatory Authority

Department of Customer Service

Mailing address: LOCKED BAG 2906
Lisarow, New South Wales 2250
Phone: 13 10 50
Email: hbcproviders@sira.nsw.gov.au
Website: State Insurance Regulatory Authority (Opens in new window)