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North Dakota Century Code Title 26.1. Insurance § 26.1-21-10. Automatic insurance of state and political subdivisions

Current as of January 01, 2024 | Updated by Findlaw Staff

1. Each state agency and political subdivision shall apply to be bonded in the fund at least once per biennium or when a change in coverage is requested, whichever occurs first. Unless an application is denied within sixty days from the date it is received by the office, the application will be approved and bond coverage in force. If a bond is in the discretion of the state agency or political subdivision and a bond is not requested, the state agency or political subdivision is exempt from this section.

2. The application must include:

a. The requested amount of bond coverage based on the amount of money and property handled, the opportunity for defalcation, and any other condition imposed by law;

b. An amount equal to twenty-five percent of the money in control of the public officials or employees for which the bond is requested for the preceding year based on the total monthly balances; and

c. Any other information requested by the office to determine the amount of money and property handled and the opportunity for defalcation, including the procedure used to determine the amount of bond requested, revenues for the last budget period by type, expenditures for the last budget period by type, the number of people that handle money, any portion of the last audit, and any financial procedures.

3. A blanket bond automatically includes coverage for new employees and new public officials.

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Cite this article: FindLaw.com - North Dakota Century Code Title 26.1. Insurance § 26.1-21-10. Automatic insurance of state and political subdivisions - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-26-1-insurance/nd-cent-code-sect-26-1-21-10/

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