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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status