Body Corporate and Community Management (Specified Two-lot Schemes Module) Regulation 2011
sec.84Existing policies of insurance
Start here
Get a plain-English read of sec.84
Turn the raw legal text into a practical explanation grounded in Body Corporate and Community Management (Specified Two-lot Schemes Module) Regulation 2011.
sec.84 Existing policies of insurance
This section applies if— a community titles scheme changes from being a scheme to which a previous regulation applied to being a specified two-lot scheme to which this regulation applies; and immediately before the changeover day, the body corporate for the scheme held a policy of insurance that was in force. To the extent the policy of insurance complied with the requirements under a previous regulation, the policy is taken to comply with chapter 6, part 9. Subsection (2) applies only until the policy is first renewed after the changeover day. (sec.84-ssec.1) This section applies if— a community titles scheme changes from being a scheme to which a previous regulation applied to being a specified two-lot scheme to which this regulation applies; and immediately before the changeover day, the body corporate for the scheme held a policy of insurance that was in force. (sec.84-ssec.2) To the extent the policy of insurance complied with the requirements under a previous regulation, the policy is taken to comply with chapter 6, part 9. (sec.84-ssec.3) Subsection (2) applies only until the policy is first renewed after the changeover day.
- (a) a community titles scheme changes from being a scheme to which a previous regulation applied to being a specified two-lot scheme to which this regulation applies; and
- (b) immediately before the changeover day, the body corporate for the scheme held a policy of insurance that was in force.