New South Wales Consolidated Acts

HOME BUILDING ACT 1989 - SECT 103BD

103BD Insurance Guidelines for the determination of premiums

(1) The Insurance Guidelines may provide for the determination of insurance premiums for contracts of insurance required to be entered into by or under this Part.

(2) Insurance Guidelines may (without limiting the generality of subsection (1))--

(a) specify the manner in which premiums are to be determined and the factors to be taken into account in determining premiums, and

(b) require licensed insurers to specify how they have determined premiums, and

(c) specify the nature of the additional information and reports that the Authority may require the licensed insurers to furnish with the premiums they file or to justify premiums they have filed (including with respect to estimated investment earnings, the verification of assumptions, estimated profit, capital allocation to insurance business under this Act and other relevant matters), and

(d) specify the maximum fee payable to the agents of the licensed insurers and the maximum other acquisition or policy administration expenses that licensed insurers may include in the determination of premiums (including a specified maximum amount or a specified maximum percentage of premium income).