Question:
A president of a community is an agent of insurance that have a contract with the association. He is the agent, and he benefit from it.. is this conference of interest and can he be in the board or he must be suspended. Note there were no bids for other insurance company always has company that he is an agent for it.
– Steven
Answer:
A conflict of interest does exist if the president is involved in selecting an insurance company. The president must recuse themselves from taking part in any selection or decision-making process for your insurance provider. However, a conflict of interest is not necessarily grounds for suspension or resignation. For condominiums, the Florida Condominium Act Section 718.3027 requires board members to disclose any potential conflicts of interest, among other requirements.
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