South Australian Current Acts South Australian Current Acts31—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.