{"id":"F2026L00211","name":"ASIC Corporations (Strata Title Co-Insurance) Instrument 2026/156","slug":"asic-corporations-strata-title-co-insurance-instrument-2026-156","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":107760,"registerId":"commonwealth-F2026L00211-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Strata Title Co-Insurance) Instrument 2026/156","content":"![Commonwealth Coat of Arms and ASIC logo](image.001.png)\n\nASIC Corporations (Strata Title Co-Insurance) Instrument 2026/156\n\nI, Mary Zakaria, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\nDate 4 March 2026\n\nMary Zakaria\n\nContents\n\nPart 1—Preliminary 3\n\n1 Name of legislative instrument....................................3\n\n2 Commencement...............................................3\n\n3 Authority....................................................3\n\n4 Simplified outline of this instrument...............................3\n\n5 Definitions...................................................3\n\nPart 2—Declaration 5\n\n6 Strata title co-insurance arrangement Product Disclosure Statements......5\n\n7 Where declaration applies.......................................5\n\nPart 3—Repeal 6\n\n8 Repeal.......................................................6\n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Strata Title Co-Insurance) Instrument 2026/156.\n\n2 Commencement\n\nThis instrument commences on the day after it is registered on the Federal Register of Legislation.\n\n> Note: The register may be accessed at www.legislation.gov.au.\n\n3 Authority\n\nThis instrument is made under paragraph 1020F(1)(c) of the Corporations Act 2001.\n\n4 Simplified outline of this instrument  \n\n| This instrument provides relief by modifying the Act so that only one insurer is required to prepare a Product Disclosure Statement for a home building insurance product that is jointly issued by more than one insurer under a strata title co-insurance arrangement.Certain requirements must be satisfied for the relief to apply. |\n| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |\n\n5 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nhome building insurance product has same meaning as in subparagraph 761G(5)(b)(ii) of the Act.\n\nparticipating share means, in relation to an insurer that has jointly issued a home building insurance product under a strata title co-insurance arrangement, the sum insured by the insurer under the product as a proportion of the total sum insured by all the insurers under the product.\n\nstrata title co-insurance arrangement means an arrangement under which:\n\n(a) a home building insurance product is jointly issued by more than one insurer to an owners corporation (however described) in relation to strata units held under a strata title system (or a similar system) established under the law of a State or a Territory; and\n\n(b) each insurer is liable for a proportion of the total sum insured under the product.\n\nstrata units means strata title units, community title interests or similar interests in real property.\n\nPart 2—Declaration\n\n6 Strata title co-insurance arrangement Product Disclosure Statements\n\n    Part 7.9 of the Act applies in relation to a home building insurance product under a strata title co-insurance arrangement as if section 1013A of the Act were modified or varied by:\n    (a) in subsection (1), after “the issuer of the financial product”, inserting:\n\n“and, in the case of a jointly issued product, may be a document that is prepared by only one issuer of the product”; and\n\n(b) in subsection (3), after “the responsible person for the financial product”, inserting:\n\n“, provided that if a Product Disclosure Statement for a jointly issued product is prepared by one issuer of the product, that issuer is the responsible person for the product.”.\n\n7 Where declaration applies\n\nThe declaration in section 6 applies in relation to a strata title co-insurance arrangement where one of the issuers (the lead issuer) of the home building insurance product issued under the arrangement has prepared:\n\n    (a) a Product Disclosure Statement that contains the terms of the strata title co-insurance arrangement other than:\n    (i) the name and contact details of the other issuers (the following issuers); and\n    (ii) the participating shares of the lead issuer and each following issuer; and\n    (b) a Supplementary Product Disclosure Statement that contains the name and contact details of each following issuer and the participating share of the lead issuer and each following issuer.\n\nPart 3—Repeal\n\n8 Repeal\n\nThis instrument is repealed at the start of 1 April 2031.","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"The instrument remains tightly focused on its original purpose: providing targeted relief for PDS requirements in strata title co-insurance arrangements. The scope has not expanded beyond this specific administrative efficiency measure."},"complexity_factors":["Short length (8 sections across 3 Parts)","Only 4 defined terms in section 5","Single, focused modification to the Corporations Act (section 1013A)","Clear, unambiguous conditions in section 7 with no nested exceptions","No cross-references to other legislation beyond the parent Act and one subparagraph reference","Straightforward sunset clause (automatic repeal date)"],"plain_english_summary":"This instrument lets a single \"lead\" insurer prepare the main Product Disclosure Statement for co‑insured strata building policies, paired with a supplementary notice listing the other insurers, their participating shares, and contact details. \n\nIt affects insurers, owners corporations and strata property owners by reducing duplicate disclosures and administrative burden while preserving essential information; the relief is conditional and expires 1 April 2031."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":true,"description":"This instrument narrows the practical disclosure obligation under section 1013A of the Corporations Act for jointly issued home building insurance products in strata title co-insurance arrangements by allowing one insurer (the lead issuer) to prepare the PDS and to be treated as the responsible person, provided it issues a main PDS and a Supplementary PDS listing other issuers and participating shares (see sections 6–7). The change is limited to strata-title co-insurance home building insurance and is time-limited (repealed 1 April 2031)."},"complexity_factors":["Cross-references to the Corporations Act (modifies application of Part 7.9 and section 1013A) require users to read multiple statutes to understand effect.","Defined technical terms: 'home building insurance product' (refers to subparagraph 761G(5)(b)(ii)), 'strata title co-insurance arrangement', 'participating share' — parties must check those definitions to confirm coverage.","Conditional relief in section 7: relief only applies where a lead issuer issues a main PDS excluding other issuers’ names/contact and shares, plus a Supplementary PDS supplying those details — compliance requires coordination among insurers.","Designates the lead issuer as the 'responsible person' if it prepares the single PDS (modifies subsection 1013A(3)), changing legal responsibilities and potential liability allocation.","Temporal limit: instrument repeals on 1 April 2031, so stakeholders must track sunset and potential renewal or transition.","Made under delegated power (paragraph 1020F(1)(c)), so administrative discretion and delegated-making formalities are relevant to legal validity and interpretation."],"plain_english_summary":"This instrument lets a single insurer prepare the Product Disclosure Statement (PDS) for a home building insurance policy that multiple insurers issue together under a strata-title co-insurance arrangement, instead of each insurer preparing its own PDS. It makes the lead insurer the responsible person where the lead issues the main PDS and a supplementary PDS lists the other insurers and each insurer’s participating share, and it is time-limited to repeal on 1 April 2031."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-strata-title-co-insurance-instrument-2026-156","history":"/api/acts/asic-corporations-strata-title-co-insurance-instrument-2026-156/history","analysis":"/api/acts/asic-corporations-strata-title-co-insurance-instrument-2026-156/analysis","conflicts":"/api/acts/asic-corporations-strata-title-co-insurance-instrument-2026-156/conflicts","importantCases":"/api/acts/asic-corporations-strata-title-co-insurance-instrument-2026-156/important-cases","documents":"/api/acts/asic-corporations-strata-title-co-insurance-instrument-2026-156/documents"}}