Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-34 - GROUP SELF-INSURANCE FUNDS
Rule 120-2-34-.17 - Administrator's Bond and Errors and Omissions Coverage

(1) Each administrator shall have and maintain a fidelity bond in the amount of at least $100,000, as required by Rule 120-2-49-.07, on a form approved by the Commissioner.

(2) Each administrator shall have and maintain errors and omissions coverage or other appropriate liability insurance, written by an insurer authorized to transact insurance in this State, in an amount of at least $100,000.

(3) Any policy written in accordance with paragraph (2) of this Rule shall be for a term of at least one year and shall contain provisions that:

(4) Upon approval by the Commissioner, bonds or policies may be written by an eligible surplus lines insurer.

(5) Compliance by the administrator with paragraphs (1) and (2) of this Rule is a prerequisite to approval of its application by the Commissioner.