HOME BUILDING ACT 1989 - SECT 105S
Business plans of licence holders
HOME BUILDING ACT 1989 - SECT 105S
Business plans of licence holders
105S Business plans of licence holders
(1) A licence holder must prepare and deliver to the Authority a business plan
for its insurance business under Part 6 or its alternative indemnity product
business for cover under Part 6B as soon as practicable after it is requested
to do so by the Authority.
(2) The licence holder must revise its business
plan--
(a) whenever it departs significantly from its business plan, and
(b)
at intervals of not less than 12 months as the Authority directs.
(3) The
licence holder must, as far as practicable, conduct its insurance business
under Part 6 or its alternative indemnity product business for cover under
Part 6B in accordance with its current business plan, but if the holder
departs significantly from that plan the holder must notify the Authority
accordingly.
(4) A business plan must be prepared in accordance with the
Insurance Guidelines.
(5) A business plan must describe the manner in which
the licence holder's business for insurance under Part 6 or its alternative
indemnity product business for cover under Part 6B is to be conducted
(including claims handling, management, expenses and systems).
(6) It is a
condition of a licence granted under this Act that a licence holder must
comply with this section.
