Minnesota § 62A.4524 OFFICER'S AND EMPLOYEE'S FIDELITY BOND

Minnesota Statutes

§ 62A.4524 — OFFICER'S AND EMPLOYEE'S FIDELITY BOND

Minnesota § 62A.4524

PartINSURANCE

Ch. 62AACCIDENT AND HEALTH INSURANCE

This text of Minnesota § 62A.4524 (OFFICER'S AND EMPLOYEE'S FIDELITY BOND) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 62A.4524 (2026).

Text

(a)A prepaid limited health service organization shall maintain in force a fidelity bond in its own name on its officers and employees in an amount not less than $20,000,000 or in any other amount prescribed by the commissioner. Except as otherwise provided by this paragraph, the bond must be issued by an insurance company that is licensed to do business in this state or, if the fidelity bond required by this paragraph is not available from an insurance company that holds a certificate of authority in this state, a fidelity bond procured by a licensed surplus lines agent resident in this state in compliance with sections60A.195to60A.2095satisfies the requirements of this paragraph.

(b)In lieu of the bond specified in paragraph (a), a prepaid limited health service organization may deposi

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(a) A prepaid limited health service organization shall maintain in force a fidelity bond in its own name on its officers and employees in an amount not less than $20,000,000 or in any other amount prescribed by the commissioner. Except as otherwise provided by this paragraph, the bond must be issued by an insurance company that is licensed to do business in this state or, if the fidelity bond required by this paragraph is not available from an insurance company that holds a certificate of authority in this state, a fidelity bond procured by a licensed surplus lines agent resident in this state in compliance with sections60A.195to60A.2095satisfies the requirements of this paragraph.
(b) In lieu of the bond specified in paragraph (a), a prepaid limited health service organization may deposit with the commissioner cash or securities or other investments of the types set forth in section62A.4521. Such a deposit must be maintained by the commissioner in the amount and subject to the same conditions required for a bond under this paragraph.