Sec. 21.69.360. Bond of officers of mutual.

179 words·~1 min read·/ak/title-21/chapter-69/21-69-360

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(a)The president, secretary, and treasurer of a mutual insurer shall each file with the director and thereafter maintain in force as long as the person is an officer, a fidelity bond in the sum of $10,000 issued by an authorized corporate surety in favor of the insurer. In lieu of individual bonds, all these officers may be covered under a blanket bond for the same respective amounts; the blanket bond shall be filed with the director.

(b)The premium for the bond shall be payable by the insurer.

(c)A bond is not subject to cancellation except upon written notice to both the insurer and the director, delivered not less than 30 days in advance of the effective date of the cancellation.

(d)The insurer shall provide for the bonding by authorized corporate surety of all other officers in any way responsible for the handling of the funds of the insurer.

(e)This section does not limit the amount of bonded protection which the insurer may carry as to any officer.