ACIL Wants to Ban Strata Manager Insurance Commissions

Last month I highlighted initiatives by strata managers to deal with the challenge of strata title building insurance commissions for strata stakeholders with their best practice guides about disclosure on the Daily Posts SCA issues Strata Title Insurance Best Practice Guideline and More info on SCA’s Strata Insurance Best Practice Guidelines.

So, in the interest of ‘fair and balanced’ coverage, today I’ll highlight what some strata consumers say. And, you won’t be surprised that some of them have a very different view about what should happen with strata title building insurance commissions to strata managers.

The Australian Consumers Insurance Lobby Inc is a consumer advocacy group that says it is committed to minimising the cost of living pressures by tackling the challenges of affordability and availability of insurance.

A series of consultations with key strata management bodies including SCA led ACIL to conclude the strata management industry is incapable of effectively self regulating commissions and they’re calling for an strata industry wide ban on commissions and other financial benefits for strata insurance.

You can find out more about what the Australian Consumers Insurance Lobby Inc says and why about strata insurance commissions here.

https://www.acilobby.org.au/post/acil-advocates-for-ban-on-strata-manager-commissions

I wonder how the strata title sector will reconcile and resolve this gap?