Indiana § 28-13-12-5 Adequate fiduciary coverage required

Indiana Statutes

§ 28-13-12-5 — Adequate fiduciary coverage required

Indiana·Art. 13 CORPORATE GOVERNANCE·Ch. 12 Officers Generally

(a)Every corporation shall make provision for adequate fidelity coverage for all officers and employees having access to money or bonds of the corporation. The amount and form of fidelity coverage must be approved annually by the board of directors of the corporation. Coverage may be provided:

(1)in the form of a blanket fidelity bond issued by a corporate surety authorized to transact business in Indiana; or

(2)through the establishment of a separate reserve fund within the corporation for that purpose.

(b)If the corporation is a corporate fiduciary (as defined in IC 28-1-1-3), the corporation shall make provision for adequate fiduciary errors and omissions insurance coverage.

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(a) Every corporation shall make provision for
adequate fidelity coverage for all officers and employees having access
to money or bonds of the corporation. The amount and form of fidelity
coverage must be approved annually by the board of directors of the
corporation. Coverage may be provided:
(1) in the form of a blanket fidelity bond issued by a corporate
surety authorized to transact business in Indiana; or
(2) through the establishment of a separate reserve fund within
the corporation for that purpose.
(b) If the corporation is a corporate fiduciary (as defined in IC 28-1-1-3), the corporation shall make provision for adequate fiduciary
errors and omissions insurance coverage.

Indiana § 28-13-12-5 (Adequate fiduciary coverage required) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.