Senate Sponsors: CULLERTON. House Sponsors: ERWIN-FEIGENHOLTZ-CURRIE 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 END OF INQUIRY Full Text Bill Status