Utah Administrative Code
Topic - Money Management Council
Title R628 - Administration
Rule R628-4 - Bonding of Public Treasurers
Section R628-4-2 - Fidelity Bond or Crime Insurance
Universal Citation: UT Admin Code R 628-4-2
Current through Bulletin 2024-06, March 15, 2024
A. Every public treasurer shall secure a fidelity bond or crime insurance in the amount shown in R628-4-4. Bonds must be issued by a corporate surety licensed to do business in the state of Utah and having a current A.M. Best Rating of "A" or better.
1. Crime insurance must be issued by:
a) an insurer licensed to do business in the
state of Utah and having a current A.M. Best Rating of "A" or better;
or
b) an interlocal agency created
under Section
11-13-101
operating as a joint self-insurance fund. A joint self-insurance fund providing
crime coverage under this section must maintain a restricted account in the
PTIF equal to 50% of the per occurrence limit of coverage.
B. Bonds should be effective as of the date the treasurer assumes the duties of the office or is sworn in.
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