CT HB05369

Replaces fidelity bond requirements with crime insurance policy requirements for community association managers handling association funds, effective January 1, 2019.

Crime insurance policy must cover maximum funds in custody of the manager at any time, with minimum coverage of three months' assessments plus reserve funds.

Insurance company must provide thirty days' prior written notice before canceling, substantially modifying, or refusing to renew the policy, or ten days' notice in case of nonpayment of premiums.

Community association manager must furnish a certificate of the crime insurance policy to the department upon request.

Cost of the crime insurance policy is paid by the community association manager unless otherwise agreed in writing or specified in the association's declaration and bylaws.