402. “Does it pass the pub test?” Tyrone Shandiman on insurance commissions and broker fees
Podcast: Play in new window | Download
Subscribe: RSS
Recorded before last week’s ABC news story broke, in this interview Tyrone Shandiman of the Australian Consumers Insurance Lobby explains:
- how a lack of informed consent around insurance broker appointments may be harming strata owners,
- the commercial advantage that strata managers accepting commissions have over those who don’t,
-
how unfair industry “standard” contracts are feeding the problem,
- why we need more voices willing to speak up and share their stories,
and more.
If you’ve experienced a practice that doesn’t pass the pub test, you’re invited to fill in ACIL’s survey here.
Links mentioned:
- Get the transcript here!
- Friday LIVE with Cathy Sherry | YSP Facebook Page
- Australian College of Strata Lawyers – Statement of Position, Friday 22 March 2024
- SCA Australasia Statement, Monday 25 March 2024
- Episode 349. Why we must resolve the conflicts of interest in our strata insurance arrangements – John Trowbridge
- Episode 350. Why we must resolve the conflicts of interest in our strata insurance arrangements – John Trowbridge (Part 2)
- Episode 370. Affordability, availability and competition in strata insurance – with John Trowbridge
- Unauthorised Appointments on Strata Insurance: ACIL’s Push for ASIC & ACCC Investigation
- Survey on Strata Insurance Practices
- SCA’s Strata Insurance Disclosure – Best Practice Guide
- Australian Consumers Insurance Lobby website
Thanks Amanda for spreading the news about getting rid of the commissions.
About a year ago secretary of our large strata in Sydney approached Strata Insurance Solutions and changed from Honan broker (appointed long ago by the strata manager). As our building is old, only a few insurers were prepared to insure, so we ended up with the same CHU, but total premium was reduced.
Strata manager was not happy to say the least to lose commissions and attempted to find a cheaper alternative through some other (dodgy) broker, but was unable to.