Queensland’s Commissioner for Body Corporate and Community Management has introduced strata insurance regulation changes that will come into effect next month.

Changes include that the committee will need to have two insurance quotes if the cost of the policy is above the major spending limit for the scheme.

Information about the body corporate insurance policy provided at the annual general meeting will have to include details of any insurance broker or intermediary involved with the policy.

Queensland-based Sure Insurance MD Bradley Heath says body corporates should have multiple, or at least two, residential strata insurance quotes presented to them annually by their insurance broker, and any commissions or incentives paid to managers should be fully disclosed.

“Body corporate managers should not under any circumstances exclusively control the process of the selection of insurance,” he says.

“The selection of insurance is a critical aspect of a body corporate’s role and Sure Insurance believes brokers are best placed to provide professional advice in that process.”

Mr Heath says insurance brokers should be remunerated for their services by body corporates directly.