HAR §16-119.8-3. Fide1ity bond; deductib1e

(a) The fidelity bond shall: (1) Be issued by a company currently authorized by the State insurance division to issue insurance in this State; 119.8-2 3 6 2 6 §16-119.8-3 (2) Name the department as the certificate holder; (3) Provide coverage for association activity only; (4) Name only the association as the insured and exclude any other person, trade name, or business entity as the named insured, except as permitted in subsection (e); (5) Specify that it is a fidelity, employee dishonesty, or commercial crime bond and whether it is a blanket or name schedule type. If a name schedule type, list all persons handling or having control of funds received by the association, and provide notice to the commission of any changes to the name schedule on an amended name schedule within ten calendar days of the change; (6) Not contain a criminal conviction endorsement or rider which requires as a condition precedent to recover the prosecution or conviction of the employee; (7) State that it covers all officers, directors, employees, and managing agents of the association who handle, control, or have custody of association funds, and protect the association against fraudulent or dishonest acts by persons, including any managing agent, handling association funds; (8) Specify an expiration date or that it is continuous; (9) Specify whether the bond contains a deductible provision or a nondeductible provision; and (10) Provide other information as requested by the commission. (b) Unless otherwise approved by the commission, the insurance company's proof of insurance shall certify that the required fidelity bond: (1) Is in effect and meets the requirements of sections 514B-103 and 514B-143(a) (3), HRS, 119.8-3 3626