SB 2686: CONDOMINIUMS; ASSOCIATIONS OF APARTMENT OWNERS; BOARD; INSURANCE; DISCLOSURES; COMMISSIONS

Requires an insurance producer to disclose a description of services to be provided, and compensation and commission to be received, before the procurement, placement, or renewal of any insurance policy purchased by a condominium association, and incorporates verification procedures into annual audit requirements.  Requires at least two competitive quotes from insurance producers for any association insurance policy procurement, placement, or renewal with an annual premium greater than $250,000.  Requires the board of directors to prepare and disclose to unit owners a one-page project summary for any capital improvement, repair, or maintenance project authorized with an estimated cost greater than $200,000.