Requiring specified governing bodies of a cooperative housing
corporation, a condominium, or a homeowners association to purchase
fidelity insurance not later than the time of the first sale of a
cooperative interest with respect to a unit to a person other than the
developer and to keep the insurance in place each year thereafter;
requiring the fidelity insurance to provide for the indemnification of
the common ownership community against loss resulting from specified
acts or omissions of specified persons; etc.