The rescue package was aimed at assisting consumers who had been covered by a HIH Casualty & General Insurance Limited (HIH) or FAI General Insurance Company Limited (FAI) home warranty insurance policy.
Building Insurers’ Guarantee Corporation
In response to the liquidation of HIH/FAI, the government established the Building Insurers’ Guarantee Corporation (BIG Corp) under the Insurance (Policyholders Protection) Legislation Amendment Act 2001.
BIG Corp provided the protection consumers would have received under the home warranty insurance policies issued by HIH and FAI.
Since September 2011 BIG Corp has been administered by NSW Self Insurance Corporation (now icare HBCF) which also administers the Home Building Compensation Fund (formerly the Home Warranty Insurance Fund).
Making a claim with BIG Corp
On 1 January 2018, the Home Building Amendment (Compensation Reform) Act 2017 commenced operation. Amongst other things, the Act closes BIG Corp to any new or reactivated claims. As such, new claims can't be lodged with BIG Corp, nor can any former claims be revived.