The National Insurance Brokers Association is pushing for a meeting with NSW Minister for Innovation and Better Regulation Victor Dominello over proposed reforms to the Home Building Compensation Fund (HBCF).

As previously reported by insuranceNEWS.com.au, the association is unhappy that changes to the builders’ warranty scheme, which is considered financially unsustainable, include phasing out broker commissions. (See earlier story)

“In our discussions with members who are active in this area, it has become apparent that the Government’s objectives will not be achieved, there will be little or no private sector involvement in the scheme in the short to medium term, and builders will be faced with significant premium increases,” CEO Dallas Booth said.

The association has already met with the State Insurance Regulatory Authority and icare HBCF to discuss the reforms.

“We have made it very clear the Government is unlikely to achieve its objectives, and we have again sought a meeting to discuss our concerns with the minister,” Mr Booth said.