760 IAC 1-51-4 Fidelity bond requirement

Sec. 4. (a) All reinsurance intermediary-managers shall acquire and maintain a fidelity bond for the protection of the reinsurer contracting with the reinsurance intermediary-manager. (b) The bond shall be in an amount equal to five hundred thousand dollars ($500,000) or ten percent (10%) of the annual reinsurance premium managed by the reinsurance intermediary-manager, whichever is greater, except that mandatory bond limits under this subsection shall not exceed ten million dollars ($10,000,000). (c) The bond amount shall be adjusted accordingly on or before the license renewal of the reinsurance intermediary-manager each year. (d) A copy of the executed bond shall be filed with the commissioner of the department of insurance at the time the initial license application is filed. (e) The insurer shall provide the department with appropriate documentation to show that the bond continues in force or that a new bond has been secured at each renewal.