92nd General Assembly
Summary of SB1046
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Short description: 
CONDOMINIUM-INSURANC-RISK POOL                                             

Synopsis of Bill as introduced:
        Amends  the  Condominium  Property  Act.    Replaces   provisions      
   concerning  (i)  insurance  for condominium associations and (ii) risk      
   pooling trust funds for condominium associations  or  common  interest      
   community  associations.   Requires  that  a  condominium  association      
   maintain  property  insurance,  general  liability  insurance,  and  a      
   fidelity  bond  and  liability  coverage  for  directors and officers.      
   Provides that a condominium association may  require  unit  owners  to      
   obtain  insurance  coverage.   Requires  the  Director of Insurance to      
   adopt reasonable rules pertaining to the  standards  of  coverage  and      
   administration of risk pooling trust funds.                                 
        GOVERNOR'S AMENDATORY VETO MESSAGE                                     
        Recommends that no policy of insurance shall be delivered to a         
   condominium association, and no policy shall be renewed, unless the         
   policy includes the specified coverages (instead of providing simply        
   that a condominium association must maintain the specified coverages).      
   Provides that property insurance must include coverage for increased        
   costs of construction due to building code requirements (instead of         
   coverage for such requirements). Removes a provision requiring 60           
   days' notice of a proposed cancellation of insurance.                       
Last action on Bill: PUBLIC ACT.............................. 92-0518

   Last action date: JAN-01-2002

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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