SCA issues Strata Title Insurance Best Practice Guideline
Strata title building insurance commissions have been a long-running challenge for all strata stakeholders without many cases, commentators, reports and stakeholders weighing in.
But, not much has happened. And, arguably, the issues have gotten worse.
So, the release by SCA [the largest Australian strata manager industry association] of a best practice guide for its strata manager members about disclosure of insurance commissions is news.
SCA says that it covers:
· 8 financial details in quotes
· A 3 step process to disclose, document, and communicate
· Templates to achieve standardisation
· Communications principles, processes, and timeframes
· Disclosure of all commissions, conflicts of interest, and remuneration splits
But, unless you’re a strata manager you can’t see it.
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