The fidelity bond, as required by the provisions of the Insurance Code, Article 21.07-6, §6, will be equal to at least 10% of the amount of total funds handled during the preceding year or, if no funds were handled during the preceding year, 10% of the amount of funds reasonably estimated to be handled during the current calendar year. In no event will the fidelity bond be less than $10,000 nor will a fidelity bond be required in excess of $500,000. Funds handled will be as defined in the Insurance Code, Article 21.07-6, §6(d).

Source Note:The provisions of this §7.1613 adopted to be effective September 14, 1994, 19 TexReg 6855.