NIBA Welcomes Victorian Government Response to Owners Corporation Statutory Review

The National Insurance Brokers Association (NIBA) welcomes the Victorian Government's response to the Statutory Review of the Owners Corporations Act 2006, and supports the broad intent to modernise the strata sector, strengthen consumer protections and improve accountability for owners corporation managers.

With one in five Victorians already living in a home governed by an owners corporation — a figure set to grow significantly as Victoria's urban population expands — getting the regulatory settings right has an impact for millions of households. NIBA supports reforms that improve transparency, professionalism and accountability.

Insurance brokers are Commonwealth-regulated financial services professionals operating under Australian Financial Services Licences, subject to ASIC oversight and bound by the Insurance Brokers Code of Practice, with a legal duty to act in the best interests of their clients. This framework already includes robust remuneration disclosure obligations, conflict management requirements and independent compliance oversight.

Any targeted reform must not reduce owners corporations' practical access to independent, expert risk advice at a point when housing complexity is increasing. This would work against the very consumer outcomes the review intends to deliver.

NIBA CEO Richard Klipin welcomed the government's broader reform intent while urging proportionate implementation.

"The Victorian Government's commitment to modernising the strata sector and strengthening accountability for strata managers is the right direction, but it is critical that reform remains targeted and proportionate,” Richard said.

NIBA looks forward to working constructively with the Victorian Government and the Department of Government Services on the further analysis ahead to ensure that reform delivers for consumers without reducing their access to trusted professional advice.