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Can you summarize NERS 8-110?
BANKS AND BANKING > Banks; bonds; filing; approval; requirements; open to inspection.
Short Summary
This legal document, found in the Nebraska Revised Statutes under the section on Banks and Banking, governs the requirements for banks to obtain fidelity bonds. According to the document, each bank is required to obtain a fidelity bond in an amount determined by the director of the department. The bond should be issued by an authorized insurer and should protect the bank from losses resulting from fraudulent or criminal acts committed by its officers or employees. The bond may include a deductible clause, subject to approval by the director. A copy of the executed bond must be filed with and approved by the director, and it will remain a part of the department’s records. The director may allow for electronic filing of the bond. The document also states that the bond should be open to public inspection during the office hours of the department. If the premium of the bond is not paid, it cannot be canceled without at least ten days’ advance notice to the department. Additionally, a bond that is current with respect to premium payments cannot be canceled without at least forty-five days’ advance notice to the department. In the event of bond cancellation, the director has the authority to take appropriate action regarding the continued operation of the bank. The document does not mention any specific exemptions or penalties related to the fidelity bond requirements for banks.
Whom does it apply to?
Banks
What does it govern?
Fidelity bond requirements for banks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Nebraska