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Our AGM minutes say that our building is insured but don’t say which insurance company we’re with. Is that an obligation?
The strata manager has disclosed that they have earned a certain amount in commissions but they don’t say from which companies these commissions come from. Should they?
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Replies
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Hello dianed
STRATA INSURANCE
I suggest bookmarking the “Strata Schemes Management Act 2015” for future reference. This is the law governing what goes on with strata properties, owners, strata managers, building managers, meetings etc.
Scroll down to “Schedule 1 Meeting procedures of owners corporations”
9 Additional matters to be include in notice of AGM
The following matters must also be included in, or accompany, the notice given of annual general meetings:
(d) particulars of each insurance policy taken out by the owners corporation (as required to be specified in the strata roll).
Now you have find out what is “required to be specified in the strata roll“.
To do this, scroll back up to section 178. (What I actually did was search for the character string “strata roll“.) Here is what it says:
Section 178 2 (d) particulars of insurance taken out by the owners corporation, including the following—
(i) the name of the insurance company,
(ii) the number of the insurance policy,
(iii) the nature of the risk insured,
(iv) the amount of the insurance,
(v) the due date for payment of the premium,
(vi) the date on which the premium was last paid,
STRATA MANAGER COMMISSIONS
Read this page Guide to strata law changes for strata committee members and owners.
Scroll down to Changes that started in February 2025. Strata managers now have increased disclosure obligations.I subscribed to the ‘Property Matters” newsletter. There is a subscribe button near the bottom of that page. More changes are on the way in 2026. Everyone on this forum should read that page and stay informed.