Tenn. Comp. R. & Regs. 0780-01-27-.05

Current through June 26, 2024

Section 0780-01-27-.05 - FIDELITY BONDS - BONDS FOR DIRECTORS, OFFICERS, EMPLOYEES, AGENTSPERSONS COVERED BY FORM OF, AND AMOUNT OF BONDS

(1) Each association shall provide and maintain a Fidelity Bond in form acceptable to the Commissioner covering each director, officer, agent or employee who has control over or access to cash or securities of the association. Such bond coverage may be in the form of individual bonds, a schedule Fidelity Bond, or a Blanket Bond, covering all such persons and protecting the institution exclusively. Each such bond shall be executed by a responsible surety company or other surety acceptable to the Commissioner in minimum amounts computed upon a base consisting of the assets of the association plus the unpaid balance of mortgages which it has contracted to service for others as follows:

(a) Not over $300,000	$20,000 plus $10,000 for each $100,000 or fraction thereof over $100,000.
(b) $300,001 to $10,000,000	$50,000 plus $15,000 for each $100,000 or fraction thereof over $400,000.
(c) $1,000,001 to $10,000,000	$155,000 plus $20,000 for each $1,000,000 or fraction thereof over $2,000,000.
(d) $10,000,001 to $30,000,000	$335,000 plus $50,000 for each $5,000,000 or fraction thereof over $15,000,000.
(e) $30,000,001 to $60,000,000	$535,000 plus $75,000 for each $10,000,000 or fraction thereof over $40,000,000.
(f) $60,000,001 to $100,000,000	$735,000 plus $75,000 for each $15,000,000 or fraction thereof over $70,000,000.
(g) $100,000,001 and over	$985,000 plus $75,000 for each $25,000,000 or fraction thereof over $125,000,000.

Original Rule certified June 10, 1974.

Authority: T.C.A. §45-1303.