A government review of the NSW builders’ warranty insurance scheme has started public consultations, seeking submissions on possible reforms.

Industry regulation expert Bronwyn Weir is leading the advisory panel examining the scheme, and the Insurance Council of Australia is a panel member.

“Homeowners, builders and anyone with a stake in the scheme are now invited to have their say on identified areas for improvement and to propose reform ideas,” says scheme overseer the State Insurance Regulatory Authority.

Issues to be examined include whether the Home Building Compensation Fund is operating effectively; if the current cover amount is adequate; and high rates of insolvencies in the building industry. Other issues such as help for consumers who are unlawfully uninsured, consumer awareness and builder compliance will also form part of the review.

State Customer Service Minister Jihad Dib, who announced the review in August, says he is “looking for grounded, pragmatic suggestions about how government and industry can, together, improve the operation” of the program.

At present, state insurer icare is the only provider under the scheme after private insurers left the market more than a decade ago. It distributes the cover through an approved list of brokers.

The panel is to provide its final report to the minister by February 24.

The closing date for submissions is November 11. Click here for information.