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PICA says strata managers should still be paid for arranging insurance – owners and the professionals disagree.
[See the full post at: Sins of commission – strata firm digs in on fees]
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They really wrote this?
“This may effectively create a net market model, a practice where insurance products are priced without commissions meaning the cost of adviser or distributor remuneration is separated from the product itself,” they say, arguing that, if commissions are made illegal, insurers are likely to retain windfall gains rather than transfer full savings to consumers.
Last September, my State MP held a “Strata Matter” forum with strata commissioner, Angus Abadee. He mentioned that there is not enough competition between strata insurers.
I have arranged strata insurance (as a self managed property) for several years without paying commission. The insurance company asks the same questions about the age of the building, condition, construction, swimming pools etc.