government has tabled legislation amending strata laws in an effort to address the rising costs of strata insurance. Speaking Tuesday, Finance Minister Carole James and Housing Minister Selina Robinson repeatedly said the situation of rising insurance costs is a complex one and that Tuesday's legislation was focused on transparency. End of referral feesJames said the end of referral fees means insurers and insurance brokers can no longer offer fees to strata property managers as an incentive. "Unfortunately, many strata owners today are paying the price for this mistake." Chuck Byrne, executive director of the Insurance Brokers of B.C., said the report's findings detail what he called a crisis in the province's strata insurance market.

Source: CBC News June 23, 2020 21:00 UTC