§ 27-1-7-14 — Bonding officers having access to money or securities; blanket bond

Indiana § 27-1-7-14

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 7: General Corporate Powers and Responsibilities of

Text

All officers and home office employees of
every corporation having control of or access to moneys or securities
of such corporation in the regular discharge of their duties, shall, before
entering upon the performance of their duties, execute their individual
bonds with adequate surety payable to the corporation to indemnify the
corporation for any pecuniary loss it shall sustain of money or other
personal property by any act or acts of fraud, dishonesty, forgery, theft,
embezzlement, wrongful abstraction, or willful misapplication. The
amount and form of such bonds and the sufficiency of the sureties
thereon shall be approved by the board of directors of the corporation
and by the department and shall be filed with the department within
such time as it may prescribe. In lieu of individual bonds, a blanket
bond covering all such officers and employees may be used, subject to
the same approval as individual bonds. No officer or director of the
corporation shall sign the bond of any other person as surety thereon
required by this article. If any bonds required by this section are signed
by individuals as sureties, the bonds must contain separate affidavits as
to the net worth of each surety.
Formerly: Acts 1935, c.162, s.92. As amended by P.L.252-1985,
SEC.30.