❓ Hon. Steve Martin questions the Minister for Commerce regarding the financial impact of retrospectively applying increased payout amounts to the Home Indemnity Insurance Scheme (HIIS). The Minister defers answering, citing the need to consult with QBE Insurance.
AnsweredQoN 1043Legislative Council
QuestionView source ↗
HOME INDEMNITY INSURANCE
SCHEME
1043. Hon STEVE MARTIN to the Minister for Commerce:
I refer to the minister's
correspondence dated 12 September 2023 regarding the home indemnity insurance
scheme, and her specific comment that she was advised that extending the
retrospectivity conditions of the increased payout amounts would have a significant
impact on the scheme's sustainability.
(1) Since the announcement of the increased payouts,
retrospectively applied to 1 June 2020 —
(a) how many applications have
been received;
(b) how many were approved at the
enhanced payment provisions; and
(c) at what cost?
(2) How many applications have been received since the
announcement of the increased payouts —
(a) that were not eligible for the
enhanced payout provisions;
(b) and were approved; and
(c) at what cost?
(3) Had all
these applications been approved under the revised scheme provisions, what
would the balance of the fund be now?
The
PRESIDENT : Leader of the House, give it go!
SCHEME
1043. Hon STEVE MARTIN to the Minister for Commerce:
I refer to the minister's
correspondence dated 12 September 2023 regarding the home indemnity insurance
scheme, and her specific comment that she was advised that extending the
retrospectivity conditions of the increased payout amounts would have a significant
impact on the scheme's sustainability.
(1) Since the announcement of the increased payouts,
retrospectively applied to 1 June 2020 —
(a) how many applications have
been received;
(b) how many were approved at the
enhanced payment provisions; and
(c) at what cost?
(2) How many applications have been received since the
announcement of the increased payouts —
(a) that were not eligible for the
enhanced payout provisions;
(b) and were approved; and
(c) at what cost?
(3) Had all
these applications been approved under the revised scheme provisions, what
would the balance of the fund be now?
The
PRESIDENT : Leader of the House, give it go!
AnswerView source ↗
I thank the honourable member for some notice of the
question. The honourable member would know that the HIIS is run by QBE
Insurance Group, so providing the information that he is seeking requires
consultation with QBE Insurance and I cannot provide it in the time frame
available. I ask the member to put the question on notice.
question. The honourable member would know that the HIIS is run by QBE
Insurance Group, so providing the information that he is seeking requires
consultation with QBE Insurance and I cannot provide it in the time frame
available. I ask the member to put the question on notice.
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