South Australian Current Regulations South Australian Current Regulations14—Other insurance by strata corporation
(1) For the purposes
of section 31(2) of the Act, insurance cover for liability in tort must
be for at least $10 000 000.
(2) For the purposes
of section 31(2a) of the Act—
(a) a
policy of fidelity guarantee insurance must insure a strata corporation in the
amount of—
(i)
the maximum total balance of the corporation's bank
accounts at any time in the preceding 3 years; or
(ii)
$50 000,
whichever is higher;
(b)
strata corporations with no administrative or sinking funds are not required
to maintain fidelity guarantee insurance.