Bond Requirements

Section 5501 Section 3501.50  Bond Requirements 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.