In this podcast episode of the Financial Services Online Weekly Insurance News Wrap, new reforms implemented by the New South Wales Government will bolster strata community governance. This change will yield enhanced transparency, accountability, and financial management in strata schemes. On the insurance front, despite market turbulence, strata insurance premiums saw a modest rise of 2.8%, substantially lower than the home insurance costs jump. The unique features of strata living – shared structures and collective maintenance – result in this stabilization. Lastly, the issue of commissions on strata insurance stokes debate among consumer advocacy groups and strata management companies. The advocates argue for a total commission ban citing conflicts and transparency concerns, while industry players warn of possible spikes in consumer costs. They propose a fixed fee model as an alternative. Listeners are urged to stay tuned for ongoing developments in this sector.n

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