Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-27 - Operation of State Chartered Building and Loan Associations
Section 0780-01-27-.05 - FIDELITY BONDS - BONDS FOR DIRECTORS, OFFICERS, EMPLOYEES, AGENTSPERSONS COVERED BY FORM OF, AND AMOUNT OF BONDS
Current through September 24, 2024
(1) Each association shall provide and maintain a Fidelity Bond in form acceptable to the Commissioner covering each director, officer, agent or employee who has control over or access to cash or securities of the association. Such bond coverage may be in the form of individual bonds, a schedule Fidelity Bond, or a Blanket Bond, covering all such persons and protecting the institution exclusively. Each such bond shall be executed by a responsible surety company or other surety acceptable to the Commissioner in minimum amounts computed upon a base consisting of the assets of the association plus the unpaid balance of mortgages which it has contracted to service for others as follows:
| (a) Not over $300,000 | $20,000 plus $10,000 for each $100,000 or fraction thereof over $100,000. |
| (b) $300,001 to $10,000,000 | $50,000 plus $15,000 for each $100,000 or fraction thereof over $400,000. |
| (c) $1,000,001 to $10,000,000 | $155,000 plus $20,000 for each $1,000,000 or fraction thereof over $2,000,000. |
| (d) $10,000,001 to $30,000,000 | $335,000 plus $50,000 for each $5,000,000 or fraction thereof over $15,000,000. |
| (e) $30,000,001 to $60,000,000 | $535,000 plus $75,000 for each $10,000,000 or fraction thereof over $40,000,000. |
| (f) $60,000,001 to $100,000,000 | $735,000 plus $75,000 for each $15,000,000 or fraction thereof over $70,000,000. |
| (g) $100,000,001 and over | $985,000 plus $75,000 for each $25,000,000 or fraction thereof over $125,000,000. |
Authority: T.C.A. §45-1303.
