In a recent development, the Design and Building Practitioners Amendment (Miscellaneous) Regulation 2024 has quietly extended the exemption for registered building practitioners from the insurance requirements mandated by the Design and Building Practitioners Act 2020. Published on 7 June 2024, this amendment modifies the Design and Building Practitioners Regulation 2021, effective from 1 July 2024, to defer the insurance mandate until 30 June 2025.
Initially slated to expire on 30 June 2024, the extension reflects ongoing challenges in the insurance market, particularly in providing professional indemnity coverage tailored for builders. The regulation raises questions about whether the market will eventually meet the legislative requirements or necessitate state intervention to ensure compliance.
Observers are keenly watching how this exemption will impact the implementation of the Design and Building Practitioners legislation, pondering whether market dynamics will drive change or if governmental involvement will become necessary to move forward with these regulatory standards.
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