› Flat Chat Strata Forum › The Professionals › SCs and strata managers › Insurance Commission what is standard? › Current Page
I totally agree that extra transparency is required.
Insurers should offer a lower premium for direct (non-broker) policies.
SMs should credit their share of the commission to the strata, and not cross subsidise low management fees by insurance commissions.
But, if they can’t do that, at least they should show the commission in the Income and take it straight out again in the Expenses, like they do with Certificate Fees and Inspection Fees.
Why don’t they?
Because owners would start asking questions about such a large amount when all the SM does is pay the annual premium invoice from the owners’ funds.
And submit claims when required, but that’s part of their job.