QBE says it is working with ACT authorities to address a potential compliance breach regarding its builders’ warranty insurance (BWI) operation.

Media reports say the insurer may face significant fines for failing to lodge annual claims statements with the ACT Government.

A QBE spokesman declined to discuss the issue with insuranceNEWS.com.au, other than to confirm its co-operation with authorities.

“We’re currently working with Access Canberra to ensure it has all required statements,” the spokesman said.

QBE is involved with BWI schemes in the ACT, NSW, SA, Victoria and WA.

However, it only bears risk in the ACT. In the other areas it acts as a government agent.