STRATA TITLES ACT 1988 - SECT 31

STRATA TITLES ACT 1988 - SECT 31

31—Other insurance by strata corporation

        (1)         A strata corporation must keep itself insured against liability in tort.

        (2)         The insurance cover must be for at least $5 000 000 or such greater amount as the regulations may prescribe.

        (2a)         A strata corporation (other than a corporation of a kind prescribed by regulation) must maintain fidelity guarantee insurance complying with the requirements prescribed by the regulations.

Penalty: Division 4 fine.

        (2b)         The Minister may, by notice in the Gazette, exempt strata corporations from compliance with subsection (2a) for such period as the Minister thinks fit.

        (2c)         An exemption granted by the Minister—

            (a)         may be subject to conditions specified in the notice of exemption; and

            (b)         may be varied or revoked by the Minister at any time by subsequent notice in the Gazette.

        (3)         A strata corporation must keep itself insured against any other liability—

            (a)         determined by special resolution of the corporation; or

            (b)         prescribed by the regulations.