Illinois Administrative Code
Title 50 - INSURANCE
Part 3501 - INTERNAL SECURITY STANDARDS AND FIDELITY BONDS
Section 3501.50 - Bond Requirements
Universal Citation: 50 IL Admin Code ยง 3501.50
Current through Register Vol. 48, No. 12, March 22, 2024
a) All companies shall procure and maintain in force the surety bonds required under Section 8(6) of the Act in accordance with the standards provided in 50 Ill. Adm. Code 904.50(a).
b) Surety bonds procured or maintained under this Section shall include all persons handling company funds and all officers, directors and employees for the following perils, which may be covered under separate policies:
1) Dishonesty of persons
handling company funds and of officers, directors and employees;
2) Robbery, burglary, larceny, theft, false
pretense, holdup, misplacement, mysterious disappearance, and damage or
destruction while property is in any bank or any recognized place of safe
deposit, or in transit; and
3)
Forgery or alteration.
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