We’ve highlighted the ACCC’s 2017 enquiry into strata insurance issues in the Daily Post When the ACCC looked at Strata Insurance.
https://gostrata.substack.com/p/when-the-accc-looked-at-strata-insurance
But it’s also important to remember that in one of the few submissions made to that enquiry by strata sectors groups, the Owners Corporation Network and Australian Resident Accommodation Managers’ Association said a few things about strata insurance commissions.
Some of those comments included:
Remove GST on insurance premiums for Northern Australia.
Remove stamp duty and any other government fees and taxes on insurance premiums for Northern Australia.
Alternately, provide a government rebate equivalent to government fees and charges on insurance premiums for Northern Australia.
And, in relation to strata insurance commissions:
‘That body corporate managers and brokers are no longer able to charge a % commission or receive any kind of reward or success payment based on a % of the insurance premiums for the facilitation of Insurance on behalf of a body corporate. A transparent, separate fee for service is fair and will not gross up the premium as do commissions.’
It seems they were thinking then, what some people as saying now.
You can read the @OCN and @ARAMA submission here.
You can find out more about the OCN in our Daily Post Who’s Who at the Owners Corporation Network.
And, you can find out more about ARAMA here.