SIRA Audits

SIRA Audits

A new wave of Home Building Compensation Fund (HBCF) audits are being launched by The NSW State Insurance Regulatory Authority (SIRA).

The Audit commences in September 2023 and will initially be looking to review 100 businesses building ‘Class 1’ houses or duplexes. SIRA’s focus is to assess discrepancies in HBCF paperwork. The need to audit is further highlighted by recent company insolvencies that the building industry has received.

“Some businesses have been taking money from customers or starting building work without insurance, and in some cases, not buying insurance at all. This unlawful conduct has caused considerable financial loss to some homeowners,” and furthermore “While most businesses do the right thing, there is a minority that are not complying,” SIRA said.

Are you familiar with your obligations when completing iCare HBCF’s Project Application forms?

Get in touch with Hills Insurance Solutions to discuss HBCF insurance further. We have 17+ years of experience in assisting customers with Home Warranty Insurance and are partnered with recognised distributors of iCare.