Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2767 - INSURANCE PLAN ADMINISTRATORS
Part 2767.0900 - BOND AMOUNTS
Current through Register Vol. 49, No. 13, September 23, 2024
Subpart 1. Administrator not commingling funds.
The amount of the fidelity bond required under part 2767.0400, subpart 2, item F for an administrator that does not commingle funds of either its fiduciary account or claims-paying account must be in the amount of the average daily balance of all trust accounts, or $100,000, whichever is greater, up to a maximum of $1,000,000.
Subp. 2. Administrator commingling funds.
The amount of the fidelity bond required under part 2767.0400, subpart 2, item F for an administrator that commingles funds of either its fiduciary account or claims-paying account must be in the amount of the average daily balance of all trust accounts, or $250,000, whichever is greater, up to a maximum of $2,000,000.
Statutory Authority: MS s 60A.23