54C
In forceResidential building insurance
Part 5APrescribed residential building work - consumer protection
Division 3Residential building insurance provided by approved insurers
54C Residential building insurance
Residential building insurance is insurance, or a similar kind of indemnity, that indemnifies the beneficiary of the residential building insurance against financial loss incurred in relation to prescribed residential building work because:
(a) a residential builder has failed to complete the work or has contravened a consumer guarantee; and
(b)
any of the following events has occurred:
(i) the builder has died, disappeared or become bankrupt or insolvent;
(ii) the builder's registration has ceased for a reason specified by regulation.
This Act’s bill:Second reading speech
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