154Managing agent to obtain insurance quotations

#### 154 Managing agent to obtain insurance quotations 154 Managing agent to obtain insurance quotations > > (1) A managing agent must provide the association with not less than 3 quotations from different providers for each type of insurance proposed by the agent to the association or provide written reasons to the association if fewer than 3 quotations are provided. > > > > Maximum penalty— > > > > > (a) for a corporation—500 penalty units, or > > > > > (b) otherwise—100 penalty units. > > > (2) A quotation must include the following— > > > > > (a) a breakdown of charges, including the following if applicable— > > > > > > > (i) the base premium amount, other than an amount referred to in subparagraph (ii), > > > > > > > (ii) the commission, other than any broker fee, expressed as an amount and as a percentage of the base premium amount, > > > > > > > (iii) the broker fee, expressed as an amount and as a percentage of the base premium amount, > > > > > > > (iv) the stamp duty amount, > > > > > > > (v) levy amounts, > > > > > > > (vi) underwriting agency fees, > > > > > > > (vii) the goods and services tax amount, > > > > > > > (viii) other amounts or percentages relating to the charges prescribed by the regulations, > > > > > (b) the persons to whom the commission and broker fee will ultimately be paid, > > > > > (c) a statement as to whether the person providing the quotation is connected with the agent. > > > (3) The managing agent must provide the owners corporation with the quotations or written reasons as soon as practicable to enable the owners corporation to make a decision about the insurance. > > **s 154:** Am 2024 No 65, Sch 3\[9\] \[10\].