Indiana § 28-5-1-18 Fidelity coverage for officers and employees; bonds; reserve funds

Indiana Statutes

§ 28-5-1-18 — Fidelity coverage for officers and employees; bonds; reserve funds

Indiana·Art. 5 INDUSTRIAL LOAN AND INVESTMENT·Ch. 1 Industrial Loan and Investment Act

Every company shall make provision for adequate fidelity coverage for all officers and employees having access to money or bonds of the company. The amount and form of fidelity coverage must be approved annually by the board of directors of the company. 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 company for that purpose. Formerly: Acts 1935, c.181, s.18. As amended by P.L.276-1987, SEC.2; P.L.73-2016, SEC.24.

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Every company shall make provision for
adequate fidelity coverage for all officers and employees having access
to money or bonds of the company. The amount and form of fidelity
coverage must be approved annually by the board of directors of the
company. 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 company for that purpose.
Formerly: Acts 1935, c.181, s.18. As amended by P.L.276-1987,
SEC.2; P.L.73-2016, SEC.24.

Indiana § 28-5-1-18 (Fidelity coverage for officers and employees; bonds; reserve funds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.