- (a) Banks, nondepository trust companies and credit unions shall submit a written request for commissioner approval at least 30 days in advance of a proposal to reduce fidelity bond coverage by 25 percent or more of the total aggregate amount of the coverage.
- (b) The commissioner shall approve or deny the request within 30 days of receipt of the request.
(c) The commissioner shall:
- (1) Approve a request for a reduction in fidelity bond coverage if such a reduction will not affect the safety and soundness of the institution; or
- (2) Deny such a request only if the reduction will affect the safety and soundness of the institution.
Source. #6536, eff 7-2-97, EXPIRED: 7-2-05 New. #9767, eff 8-21-10, EXPIRED: 8-21-18