ASIC Corporations (Strata Title Co-Insurance) Instrument 2026/156

Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Strata Title Co-Insurance) Instrument 2026/156

I, Mary Zakaria, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date 4 March 2026

Mary Zakaria

Contents

Part 1—Preliminary 3

1 Name of legislative instrument....................................3

2 Commencement...............................................3

3 Authority....................................................3

4 Simplified outline of this instrument...............................3

5 Definitions...................................................3

Part 2—Declaration 5

6 Strata title co-insurance arrangement Product Disclosure Statements......5

7 Where declaration applies.......................................5

Part 3—Repeal 6

8 Repeal.......................................................6

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Strata Title Co-Insurance) Instrument 2026/156.

2 Commencement

This instrument commences on the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under paragraph 1020F(1)(c) of the Corporations Act 2001.

4 Simplified outline of this instrument

5 Definitions

In this instrument:

Act means the Corporations Act 2001.

home building insurance product has same meaning as in subparagraph 761G(5)(b)(ii) of the Act.

participating 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.

strata title co-insurance arrangement means an arrangement under which:

(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

(b) each insurer is liable for a proportion of the total sum insured under the product.

strata units means strata title units, community title interests or similar interests in real property.

Part 2—Declaration

6 Strata title co-insurance arrangement Product Disclosure Statements

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:
(a) in subsection (1), after “the issuer of the financial product”, inserting:

“and, in the case of a jointly issued product, may be a document that is prepared by only one issuer of the product”; and

(b) in subsection (3), after “the responsible person for the financial product”, inserting:

“, 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.”.

7 Where declaration applies

The 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:

(a) a Product Disclosure Statement that contains the terms of the strata title co-insurance arrangement other than:
(i) the name and contact details of the other issuers (the following issuers); and
(ii) the participating shares of the lead issuer and each following issuer; and
(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.

Part 3—Repeal

8 Repeal

This instrument is repealed at the start of 1 April 2031.