Regulatory Alerts2012-03-22
Proper Conduct of Banking Business: Banker's Insurance
The Supervisor of Banks issued regulations requiring all banking corporations to maintain a Banker’s Blanket Bond policy for operational risks. The board of directors must conduct periodic discussions regarding coverage for employee fraud, theft, forgery, professional liability, and computer crimes. Additionally, the terms and amounts of the insurance must be determined based on a professional opinion from an insurance advisor.
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