Review of Residential Building Work Insurance Regulatory Settings: Final Report
Tasmanian Government
The review contributes to the ACT Government’s continuing agenda of building reform. The outcome of the review is to confirm that ACT homeowners have access to effective and appropriate protections if building work is not completed or is defective, so that they can proceed with confidence when undertaking building work.
The review responds to recommendations 16 and 17 of the Legislative Assembly’s Building Quality Inquiry which recommended that the ACT Government review the fidelity fund, the scheme’s prudential standards and report the findings of that review to the Assembly. These recommendations were agreed to in the Government response.
It will also consider options to allow Owners Corporation Executive Committees to make claims for common areas in response to recommendation 18 of the Inquiry. This recommendation was agreed in principle in the Government response.
The review will deliver wellbeing outcomes by contributing to Canberran’s quality of life, satisfaction, confidence and trust in government. Wellbeing domains impacted by this review are economy, housing and home, and safety.
Contents:
Introduction
Purpose Of The Review
Scope
Out Of Scope
Methodology
Stakeholder Engagement
Background
Fidelity Fund Scheme
Legislative Framework
Legislative Amendments
Inquiry Into Building Quality
Act Government’s Role
Final Recommendations
Findings
Governance Arrangements
Regulatory Oversight
Approval Process
Application And Approval Process
Prudential Standards
Reporting Obligations On An Approved Scheme
Residential Building Work Insurance Settings
Minimum Prescribed Insurance Amount
Time Limits To Lodge A Claim
Period Of Insurance
Claims For Common Areas
Conclusion
Next Steps
Appendix A: Legislative Framework
Appendix B: Reporting And Approval Entities
