The most important fidelity bond underwriting consideration is the presence and strength of “internal controls”. A sound system of internal controls is an essential element of enterprise risk management. Every company with any significant employee dishonesty exposures should have formal internal control policies… Continue Reading →
A Michigan premium finance company bond is required along with certain capitalization minimums before the Department of Insurance will issue an insurance premium finance company license. Pursuant to §500.1502, an “insurance premium finance company” is defined as a person engaged in… Continue Reading →
A Massachusetts employment agency bond is required by statute before a placement agency can be licensed or registered with the Department of Labor. Pursuant to Section 46A of the Massachusetts General Laws (MGLs), “employment agency” means any person who conducts in… Continue Reading →
State law requires a Maryland employment agency bond from any party engaging in private employment placement within the state. An “employment agency” is a person, partnership or corporation which, for a fee: (1) an employee for a person who seeks an… Continue Reading →
An auto dealer must file a Maine motor vehicle dealer bond with the Secretary of State unless he or she deals exclusively with equipment and light trailers. State statute defines a motor vehicle dealer as a person engaged in the business… Continue Reading →
Residential mortgage loan professionals must post a Louisiana mortgage broker bond with the Office of Financial Institutions in order to complete the approval and licensing process. The mortgage broker bond form contains identical wording and intent as the Louisiana mortgage… Continue Reading →
A license and Kentucky gasoline dealer bond are required in order to refine, produce, distill, manufacture, blend, compound, receive, use, sell, transport, store, or distribute any gasoline or special fuel. Pursuant to KRS §138.310, sale, storage or transportation of any gasoline… Continue Reading →
Every applicant wishing to deal new or used vehicles must provide a Kansas vehicle dealer bond. “Vehicle dealer” means any person who: (1) For commission, money or other thing of value is engaged in the business of buying, selling or offering… Continue Reading →
Una fianza de fidelidad tiene por objeto garantizar la indmemnización de daños patrimoniales que causa un empleado, solo o en conspiración con terceros. La definición encara un crimen o delito de “deshonestidad”. Robo, fraude, abuso de confianza, estafa o… Continue Reading →
An applicant must furnish an Iowa motor vehicle dealer bond before the issuance of a motor vehicle dealer’s license to an principal engaged in the sale of vehicles for which a certificate of title is required. Pursuant to state law… Continue Reading →
As a guarantee for state permit fees an Illinois oversize permit bond is an inexpensive and effective way to secure a bonded charge account. An applicant may establish such ‘Bonded Charge Account’ with the Permit Office in lieu of paying for… Continue Reading →
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