DOCSLIB.ORG

C. Insurance Fraud Division

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
C. Insurance Fraud Division TABLE OF CONTENTS Page I. Overview A. Introduction to the Maryland Insurance Administration ......................... 2 B. Fiscal Information ................................................................................... 3 C. Organizational Chart ............................................................................... 6 D. Agency Salary Listing ............................................................................. 7 II Staff Functions A. Commissioner Office............................................................................... 12 Fiscal and Support Services Unit Personnel Unit Training and Facilities Management Unit Office of Government Relations ............................................................. 15 Regulations Coordination ...................................................................... 20 Insurance Bulletins Office of Public Affairs .......................................................................... 34 B. Office of the Attorney General ............................................................. 35 C. Management Information Systems ...................................................... 40 III Consumer Protection A. Consumer Education and Advocacy Unit............................................ 42 B. Compliance and Enforcement Section ................................................. 44 Market Conduct Producer Enforcement Market Analysis Unit C. Insurance Fraud Division...................................................................... 47 Criminal Investigation Section AGIT Investigation Section D. Consumer Complaint Investigation .....................................................52 IV. Industry Regulation A. Examination and Auditing Section.......................................................54 Company Licensing Unit Financial Examination Unit Financial Analysis Unit B. Life and Health Section...........................................................................62 Rate and Form Review Unit Medical Director/PRA Oversight Unit Life and Health Complaint Unit Appeals and Grievance Unit C. Office of the Chief Actuary ...................................................................64 D. Producer Licensing ..............................................................................65 E. Property and Casualty Section..............................................................67 Rate and Form Review Unit Property and Casualty Complaint Section V. Company Statistical and Financial Data A. Financial Dental and Limited Health Service Organizations …………….… 73 Fraternal Organizations ……………………………………….…. 74 Health Maintenance Organizations ……………………………… 75 Non-Profit Companies ………………………………………….. 76 Life Insurance Companies ………………………………………. 77 Property and Casualty Companies ………………………………. 88 Title Companies …………………………………………………. 112 B. Complaint Data Homeowners …………….……………….……………….…….. 117 Private Passenger Auto …………….……………….………....... 120 Individual Life …………….……………….………………........ 125 Group Life …………….……………….……………….………. 134 Individual Accident and Health …………….………………....... 139 Group Accident and Health …………….……………….…….... 146 Credit …………….……………….……………….……………. 152 Medicare Supplement …………….……………….……………. 154 Long Term Care …………….……………….…………………. 156 Complaint Resolution Counts in 2008 .…….…………………... 158 ii I. OVERVIEW 1 A. INTRODUCTION TO THE MARYLAND INSURANCE ADMINISTRATION The Maryland Insurance Administration (MIA) is an independent State agency that regulates Maryland’s insurance industry and protects consumers by ensuring that insurance companies and health plans act in accordance with the State’s insurance law. In regulating the insurance industry, the MIA licenses insurance companies operating in Maryland, conducts financial examinations of companies to ensure solvency, and reviews and approves rates and contract forms. The agency’s budget comes from annual assessments on the insurance companies doing business in the State. In addition, the MIA is one of the largest sources of revenue for the Maryland General Fund through filing fees, administrative penalties and the collection of premium taxes. On behalf of consumers, the MIA investigates Life, Health, Automobile, Homeowners, or Property insurance complaints, as well as reports of insurance fraud. The MIA conducts market conduct examinations of companies to ensure compliance with Maryland law. The MIA also has a unit dedicated to consumer education and outreach in the community, which reaches hundreds of events and thousands of individual consumers annually. As designated by State law, the MIA is the Agency where consumers may file health insurance appeals or grievances concerning coverage decisions or claims denials. The MIA began in 1872 as the Insurance Department under the Comptroller of the Treasury. In 1878, it became an independent agency and was renamed the State Insurance Department, a title it held for 92 years. In 1970, the Insurance Department moved to the Department of Labor, Licensing and Regulation and was renamed the Insurance Division. The Agency was reorganized again in 1993 to become the independent agency it is today. 2 B. FISCAL INFORMATION MIA CONTRIBUTIONS TO THE GENERAL FUND - FISCAL YEAR 2009 Premium Taxes $274,578,304 Retaliatory Taxes $582,733 Fines $3,043,155 $278,204,192 MIA CONTRIBUTIONS TO THE GENERAL FUND - FISCAL YEAR 2009 Premium Taxes Retaliatory Taxes Fines 3 MIA FISCAL YEAR 2009 SPECIAL FUND REVENUE Agent / Broker Licensing Fees $4,831,154 Rate & Form Filing Fees $3,453,390 Insurance Company Examination Fees $2,279,338 Insurance Fraud Prevention Fee $1,451,785 Assessments $12,350,712 Miscellaneous Income $509,790 Company Licensing Fees $1,589,218 $26,465,387 MIA FISCAL YEAR 2009 REVENUE Agent / Broker Licensing Fees Rate & Form Filing Fees Insurance Company Examination Fees Insurance Fraud Prevention Fee Assessments Miscellaneous Income Company Licensing Fees 4 MIA FISCAL YEAR 2009 EXPENDITURES Salary and Wages $20,210,551 Communications $863,697 Travel $523,384 Contractual Services $2,258,778 Supplies and Materials $342,358 Equipment $1,413,930 Grants and Subsidies $455,246 Office Rent & Utilities $1,077,599 $27,145,543 MIA FISCAL YEAR 2009 EXPENDITURES Salary and Wages Communications Travel Contractual Services Supplies and Materials Equipment Grants and Subsidies Office Rent & Utilities 5 C. MARYLAND INSURANCE ADMINISTRATION OFFICE OF THE COMMISSIONER Commissioner Sr. Executive Assistant Executive Assistant Deputy Commissioner Deputy Commissioner Executive Assistant Director of Government Principal Counsel Relations Appeals Clerk Assoc. Comm., Assoc. Comm.. Assoc Comm., Exam & Assoc Comm., Assoc. Comm., P&C Assoc. Comm., L&H Assoc. Comm., Fraud Consumer Education & Producer Licensing Audit Compliance & Advocacy Enfforcement Director of Public Director, MIS Chief Actuary Affairs 6 D. AGENCY SALARY LISTING POSITION CLASSIFICATION SALARY ADMINISTRATIVE ASSISTANT MIA OFFICER I $46,408 DIRECTOR OF PUBLIC AFFAIRS MIA EXECUTIVE I $70,141 NETWORK SPECIALIST MIA ANALYST I $47,511 WEB DEVELOPER MIA ADMINISTRATOR I $59,421 CHIEF ACTUARY MIA CHIEF ACTUARY $136,365 DATABASE SPECIALIST MIA ANALYST II $49,313 DBA PROGRAMMER MIA ADMINISTRATOR I $58,299 PRINCIPAL COUNSEL DIV DIR OFC ATTY GENERAL $121,005 ASST. ATTORNEY GENERAL ASST ATTY GEN VI $81,609 ASST. ATTORNEY GENERAL ASST ATTY GEN VI $89,717 REGULATIONS COORDINATOR MIA ANALYST I $47,129 LEGAL SECRETARY MIA ASSOCIATE VI $42,013 DEPUTY COUNSEL ASST ATTY GEN VIII $98,356 EXECUTIVE ASSISTANT MIA ANALYST I $47,129 CTS ADMINSITRATOR MIA ANALYST II $57,386 LEGAL SECREATRY MIA ASSOCIATE V $44,052 DEPUTY COMMISSIONER MIA ASSOC DEP COMM $122,970 PROGRAMMER LEAD ANALYST MIA ADMINISTRATOR II $60,563 TECH SUPPORT SPECIALIST MIA ANALYST I $43,016 DIRECTOR OF MIS MIA EXECUTIVE I $92,164 ACTUARY MIA ADMINISTRATOR IV $71,699 APPEALS CLERK MIA OFFICER I $49,080 ASST. ATTORNEY GENERAL ASST ATTY GEN VI $89,717 ADMINSTRATIVE ASSISTANT MIA ASSOCIATE VI $44,389 ADMINISTRATIVE ASSISTANT MIA ASSOCIATE VI $40,506 STATE STAT ANALYST MIA ANALYST II $41,074 NETWORK SPECIALIST MIA ADMINISTRATOR I $66,627 ADMINISTRATIVE ASSISTANT MIA OFFICER I $43,118 TECH SUPPORT SPECIALIST MIA ANALYST I $59,135 OFFICE MANAGER MIA OFFICER II $52,356 ASST. ATTORNEY GENERAL ASST ATTY GENERAL VI $93,194 ASST. ATTORNEY GENERAL ASST ATTY GENERAL VI $83,165 SR. LEAD PROGRAMMER ANALYST MIA ADMINISTRATOR II $67,160 ACTUARY ASSISTANT MIA ADMINISTRATOR II $67,160 DIRECTOR OF GOVERNMENT RELATIONS MIA EXECUTIVE I $88,030 DEPUTY COMMISSIONER MIA DEPUTY COMM $123,708 LEGAL SECRETARY MIA ASSOCIATE V $34,788 ACTUARY MIA ADMINISTRATOR I $65,366 NETWORK SPECIALIST MIA ANALYST II $51,149 COMMISSIONER EXECUTIVE AIDE XI $156,060 DATABASE SPECIALIST MIA ANALYST II $47,511 SR. EXECTUIVE ASSISTANT MIA ADMINISTRATOR I $61,729 ACTUARY MIA EXECUTIVE II $102,180 SR. PROJECT MANAGER MIA EXECUTIVE I $81,609 PROGRAMMER ANALYST MIA ADMINISTRATOR II $68,457 DIRECTOR, COMPANY LICENSING AND PREMIUM TAX MIA ADMINISTRATOR IV $71,699 ASST. CHIEF FINAANCIAL EXAMINER MIA EXECUTIVE I $84,756 FINANCIAL ANALYST MIA ANALYST II $52,192 LICENSING TECHNICIAN MIA ASSOCIATE II $27,992 SENIOR EXAMINER MIA ADMINISTRATOR I $62,417 ASST. CHIEF EXAMINER MIA EXECUTIVE II $92,164 EXAMINER IN CHARGE MIA ADMINISTRATOR III $67,160 SENIOR INSURANCE EXAMINER MIA ANALYST II $51,214 INSURANCE EXAMINER MIA ADMINISTRATOR I $60,083 FINANCIAL ANALYST MIA ADMINISTRATOR I $54,635 INSURANCE EXAMINER MIA ANALYST I $48,928 ADMINSTRATIVE ASSISTANT MIA ASSOCIATE V $37,381 PREMIUM TAX SPECIALIST MIA ANALYST I $56,930 FINANCIAL ANALYST MIA ANALYST
Load more

Recommended publications
  • Fidelity Bond and Errors and Omissions Insurance
    SELLER/SERVICER RISK SELF-ASSESSMENT FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE SELLER/SERVICER RISK SELF-ASSESSMENT IN THIS DOCUMENT Fidelity Bond and Errors and • Self-Assessment Checklist • Common Findings and Omissions Insurance Documentation A seller/servicer must have a blanket fidelity bond and an errors and omissions insurance RESOURCES policy in effect at all times in an amount sufficient to meet Fannie Mae’s minimum coverage requirements, maximum deductible requirements, and provision requirements. • Selling Guide A3-5-01, Fidelity Bond and Errors Omissions A fidelity bond is a form of insurance protection that covers policyholders for losses that Coverage they incur as a result of fraudulent acts by specified individuals. Errors and omissions insurance is a type of professional liability insurance that protects companies, their workers, and other professionals against claims of inadequate work or negligent actions. ONE SELLER/SERVICER’S STORY It’s time to renew our professional liability insurance policy. Managing insurance is one of those routine tasks that could use a little more attention – we’ve also found that our documentation is not centralized, creating additional burden on staff to locate the policy and coverage requirements. We know it’s critical to document, monitor, and evaluate our Fidelity Bond and Errors and Omissions coverage, but where do we begin? SELLER/SERVICER RISK SELF-ASSESSMENT FIDELITY BOND AND ERRORS AND OMISSIONS INSURANCE Self-Assessment Checklist REQUIRED FIDELITY BOND COVERAGE The fidelity bond coverage must be equal to a percentage of the greater of the seller/servicer’s annual total unpaid principal balance (UPB) of single-family and multifamily annual mortgage loan originations; or the highest monthly total UPB of single-family and multifamily servicing of mortgage loans that the seller/servicer owns, including mortgage loans owned by the seller/servicer and serviced by others (details below).
    [Show full text]
  • ERISA Faqs for Welfare Benefit Plans
    ERISA FAQs for Welfare Benefit Plans What Is ERISA? ERISA (the Employee Retirement Income Security Act of 1974) is a Federal law which deals with employee benefit plans, both Qualified Retirement Plans (e.g., pension and profit sharing plans) and Welfare Benefit Plans (e.g., group insurance and other fringe benefit plans). The goals of ERISA are to provide uniformity and protections to employees. ERISA imposes certain reporting (to the DOL) and disclosure (to Plan Participants) requirements on employers. ERISA compliance is enforced primarily by the Department of Labor (DOL). However, employee benefit plans may also be regulated by other government agencies, such as the Internal Revenue Service (IRS) and a state’s Department of Insurance. Failure to comply with ERISA can result in enforcement actions, penalties, and/or employee lawsuits. Which Employers Are Subject to ERISA? ERISA applies to virtually all private-sector corporations, partnerships, and proprietorships, including non-profit corporations—regardless of their size or number of employees. Churches and governmental employers are exempted from ERISA’s Welfare Benefit Plan provisions. Which Benefits are ERISA Plans? ERISA generally applies to the following Plans, whether they are fully insured or self-insured: Health, Medical, Surgical, Hospital, or HMO Plans Health Reimbursement Accounts (HRAs) Health/Medical Flexible Spending Accounts (FSAs) Dental Plans Vision Plans Prescription Drug Plans Sickness, Accident, and Disability Insurance Plans Group Life and AD&D Insurance Employee Assistance Plans (EAPs) (if providing counseling, not just referrals) Executive Medical Reimbursement Plans Wellness Plans (if medical care is offered) Long Term Care Insurance Plans Severance Pay Plans Business Travel Accident Plans Copyright © 2011 by ERISA Pros, LLC.
    [Show full text]
  • How Your Assets Are Protected: Explaining the Insurance Coverage Maze
    HOW YOUR ASSETS ARE PROTECTED: EXPLAINING THE INSURANCE COVERAGE MAZE As a client of a Commonwealth Financial Network® Federal Deposit Insurance Corporation (FDIC) advisor, you are covered by several insurance Established in 1933, the FDIC is an independent programs—SIPC, FDIC, fidelity bond, cyber liability, agency of the U.S. government that protects the funds and errors & omissions—that seek to safeguard your depositors place in banks and savings associations. The assets from institutional failure and fraudulent acts. standard insurance amount is $250,000 per depositor, What these programs cover can be confusing, and you per insured bank, for each account ownership category. often won’t find definitions of coverage in one place, Joint accounts owned by two or more persons would so we’ve put together a condensed and consolidated be covered at $250,000 per co-owner. explanation of what they cover—and what they do not. If your cash is swept into and invested in Commonwealth’s Core Account Sweep Programs (CASPSM), your cash Securities Investor Protection position, if in excess of $250,000, is layered into Corporation (SIPC) multiple FDIC-insured banks. If any of these banks Created by Congress in 1970, SIPC steps in whenever were to fail, FDIC would step in to insure the cash a brokerage firm or broker/dealer fails or closes. Fidelity deposit up to the FDIC limits. Clearing & Custody SolutionsSM (FCCS)1 provides clearing, custody, and other brokerage services to Again, the FDIC insurance does not cover securities or Commonwealth (our broker/dealer) through National any market losses in securities; it covers only deposits Financial Services LLC (NFS).
    [Show full text]
  • Fidelity and Other Indemnity Protection (12-04) Federal Deposit Insurance Corporation FIDELITY and OTHER INDEMNITY PROTECTION Section 4.4
    FIDELITY AND OTHER INDEMNITY PROTECTION Section 4.4 INTRODUCTION Lack of any significant coverage, board of director approval and review, or deficiencies in a bank's loss Risk management is intended to minimize the cost prevention program should be appropriately commented associated with certain types of risk and provide prudent upon in the Report of Examination. protection. The maintenance of appropriate levels of necessary insurance coverage is a key aspect in the risk management process. It deals with pure risks that are FIDELITY INSURANCE PROTECTION characterized by chance occurrence and may only result in a financial loss, as opposed to a speculative risk which Fidelity insurance protection is appropriate for all banks affords the opportunity for financial gain or loss. Such because it insures against certain risks that contain the pure risks are separated into three major exposure potential for significant loss. Section 18(e) of the Federal categories: liability, property, and personnel. Deposit Insurance Act (FDI Act) provides that the FDIC may require such coverage, and if it is not obtained, may There are three stages in the risk management process: risk contract for such protection and add the cost to the bank's identification and analysis, risk control, and risk treatment. deposit insurance assessment. However, such action would Identification and analysis requires a review of all aspects only be taken in rare instances, such as when a bank is able of the bank's present and prospective operations to to obtain protection but refuses to do so. determine where the bank is exposed to loss, including consultation with a reliable insurance professional.
    [Show full text]
  • Disclosure 1
    ANNUAL REPORT 2012 Social Responsibility Vision MAPFRE wants to be the most trusted global insurance company Mission We are a multinational team that continuously strives to improve our service and develop the best relationship possible with our customers, distributors, suppliers, shareholders and Society Values SOLVENCY INTEGRITY SERVICE VOCATION INNOVATIVE LEADERSHIP COMMITTED TEAM Values SOLVENCY Financial strength with sustainable results. International diversification and consolidation in various markets. INTEGRITY Ethics govern the behaviour of all personnel. Socially responsible focus in all of our activities. SERVICE VOCATION Constant search for excellence in the development of our activities. Continuous initiatives focused on minding our relationship with our customers. INNOVATIVE LEADERSHIP Willingness to surpass ourselves and to constantly improve. Useful technology for servicing the businesses and their objectives. COMMITTED TEAM Total team commitment with MAPFRE’s project. Constant training and development of the team’s capabilities and skills. ANNUAL REPORT 2012 Social Responsibility Table of contents 2 1. Chairman’s Letter 4 4. MAPFRE’s social dimension 26 2. General Information 6 MAPFRE and its employees 27 MAPFRE and its customers 38 Presence 8 MAPFRE and its shareholders 55 MAPFRE Group’s corporate organization chart 9 MAPFRE and the professionals and entities Key economic figures 10 that help distribute products 57 Governing Bodies 11 MAPFRE and its suppliers 62 3. MAPFRE and Corporate Social 5. MAPFRE’s environmental
    [Show full text]
  • Fidelity Bonds) in the Consolidated FINRA Rulebook
    SECURITIES AND EXCHANGE COMMISSION (Release No. 34-63961; File No. SR-FINRA-2010-059) February 24, 2011 Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving Proposed Rule Change to Adopt FINRA Rule 4360 (Fidelity Bonds) in the Consolidated FINRA Rulebook I. Introduction On November 10, 2010, the Financial Industry Regulatory Authority, Inc., (“FINRA”) filed with the Securities and Exchange Commission (“SEC”) pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Exchange Act”)1 and Rule 19b-4 thereunder,2 a proposed rule change to adopt NASD Rule 3020 (Fidelity Bonds) with certain changes into the consolidated FINRA rulebook as FINRA Rule 4360 (Fidelity Bonds). The proposed rule change was published for comment in the Federal Register on November 26, 2010.3 The Commission received three comment letters on the proposed rule change.4 II. Description of Proposed Rule Change A. Summary FINRA is proposing to adopt NASD Rule 3020 (Fidelity Bonds) with certain changes into the consolidated FINRA rulebook as FINRA Rule 4360 (Fidelity Bonds), taking into account Incorporated NYSE Rule 319 (Fidelity Bonds) and its Interpretation. NASD Rule 3020 and NYSE Rule 319 (and its Interpretation) generally require members to maintain minimum 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 See Exchange Act Release No. 63331 (Nov. 17, 2010), 75 FR 72850 (Nov. 26, 2010) (“Notice”). 4 See Letters from Richard M. Garone, Travelers, dated Dec. 16, 2010 (“Travelers”); Letter from Robert J. Duke, The Surety & Fidelity Association of America, dated Dec. 17, 2010 (“SFAA”); and Letter from Albert Kramer, Kramer Securities Corporation, dated Dec.
    [Show full text]
  • Key Issues with Employee Dishonesty and Employee Theft Coverage
    KEY ISSUES WITH EMPLOYEE DISHONESTY AND EMPLOYEE THEFT COVERAGE Robert M. Konop, Esq., Hinshaw & Culbertson LLP, Chicago, IL Daniel L. Morriss, Esq., Hinshaw & Culbertson LLP, Chicago, IL ___________________________________________________________________________ INTRODUCTION This paper will address the most frequently litigated and often commented upon coverage requirements of the Employee Dishonesty Insuring Agreement of fidelity bonds. Although the requirements may be stated slightly differently depending on the bond form, they include: Direct Loss Manifest Intent Loss Collusion Financial Benefit or Improper Gain The purpose of this paper is to introduce the reader to the issues that arise when dealing with these requirements. For further references, please contact either of the above authors. THE “DIRECT LOSS” REQUIREMENT1 In the majority of standard form Financial Institution Bonds, coverage begins with the phrase “Loss resulting directly from,” a relevant coverage clause. This phrase has become known as the “direct loss” coverage requirement. The purpose behind the requirement is to ensure proof that (1) the insured sustained a loss – measurable economic harm; and (2) the insured has shown, assuming all other coverage requirements are met, a direct loss – meaning a direct and immediate connection between the covered act and the claimed economic harm. I. The Purpose and Development of a Financial Institution Bond – The Reason for the “Direct Loss” Coverage Requirement Understanding the importance and meaning of the “direct loss” coverage requirement appropriately begins with a review of the purpose and historical development of fidelity – or financial institution – bonds. The most common scenario presenting the direct loss issue after an insured suffers a loss as a result of a dishonest employee.
    [Show full text]
  • Case 3:06-Cv-00091-VLB Document 143 Filed 02/13/09 Page 1 of 19
    Case 3:06-cv-00091-VLB Document 143 Filed 02/13/09 Page 1 of 19 UNITED STATES DISTRICT COURT DISTRICT OF CONNECTICUT FEDERAL DEPOSIT INSURANCE : CORPORATION, in its : Capacity as Receiver of : CONNECTICUT BANK OF COMMERCE, : Plaintiff, : : v. : CIVIL ACTION NO. : 3:06-cv-00091 (VLB) GREAT AMERICAN INSURANCE : COMPANY, : Defendant. : February 13, 2009 MEMORANDUM OF DECISION GRANTING DEFENDANT’S MOTION FOR SUMMARY JUDGMENT [Doc. # 99] This is an action for damages for breach of an insurance contract. The Federal Deposit Insurance Corporation (FDIC), in its capacity as receiver of Connecticut Bank of Commerce (CBC), brought this action to recover on a fidelity bond issued by Great American Insurance Company (GAIC). The Court has federal question jurisdiction over all cases to which the FDIC is a party. 12 U.S.C. § 1819. Venue is proper in this Court as CBC was domiciled in Connecticut and the fidelity bond was issued in Connecticut. GAIC has filed the within motion for summary judgment arguing that there is no disputed issue of material fact as to misrepresentations made by CBC in its application for insurance, entitling GAIC to rescission as a matter of law. [Doc. #99] For the reasons hereinafter set forth, the Court GRANTS summary judgment in favor of GAIC. Facts Examination of the exhibits attached to the motion for summary judgment and responses thereto disclose the following undisputed material facts. Randolph Case 3:06-cv-00091-VLB Document 143 Filed 02/13/09 Page 2 of 19 Lenz was the majority shareholder and Chairman of the Board of CBC. In 1999, while CBC had assets of approximately $89 million, it entered into a Purchase and Assumption Agreement to acquire MTB Bank, a New York bank with approximately $299 million in assets.
    [Show full text]
  • SELF-INSURED FIDELITY BOND PROGRAM ARKANSAS FIDELITY BOND TRUST FUND STATE, COUNTY, MUNICIPAL and SCHOOL DISTRICT BLANKET DISHONESTY BOND Policy No
    SELF-INSURED FIDELITY BOND PROGRAM ARKANSAS FIDELITY BOND TRUST FUND STATE, COUNTY, MUNICIPAL AND SCHOOL DISTRICT BLANKET DISHONESTY BOND Policy No. FBTF14 Administered By THE ARKANSAS GOVERNMENTAL BONDING BOARD Chair Arkansas Insurance Commissioner Board Members President of the Association of Arkansas Counties President of the Arkansas Municipal League Director of the Department of Finance and Administration Commissioner of Education, Department of Education The Self-Insured Fidelity Bond Program (Bond Program), administered by the Arkansas Governmental Bonding Board (Board), shall provide coverage for actual losses sustained by the Participating Governmental Entities through fraudulent or dishonest act or acts committed by Employees or Officials of the Participating Governmental Entities during the Bond Period. LIMIT OF COVERAGE: $300,000 Per Occurrence* DEDUCTIBLE: $2,500 Per Occurrence *Effective for all claims reported by Arkansas Legislative Audit after 6/30/2015. COVERAGE PROVIDED BY THE SELF-INSURED FIDELITY BOND PROGRAM IS SUBJECT TO THE FOLLOWING CONDITIONS AND LIMITATIONS: 1. BOND PERIOD The bond period begins on July 1, 2015, and ends on the effective date of cancellation of this bond in its entirety. Both dates are 12:01 a.m., Central Standard Time. 2. DEFINITIONS a. “Self-Insured Fidelity Bond Program” (Bond Program) means the bond program established by A.C.A. 21-2-701 et. seq. b. “Arkansas Governmental Bonding Board” (Board) means the State Board composed of the following members or appointed designee: i. The President of the Association of Arkansas Counties; SELF-INSURED FIDELITY BOND PROGRAM BLANKET DISHONESTY BOND Policy No. FBTF14 Page 1 of 6 AIDRM AFBTF14(7-15) ii. The President of the Arkansas Municipal League; iii.
    [Show full text]
  • Thank You for Your Interest in the Fidelity Self-Employed 401(K)
    Dear Investor: Thank you for your interest in the Fidelity Self-Employed 401(k), which offers a convenient way for self-employed individuals and small-business owners to help save for retirement while also saving on current taxes. On the following pages you will find the information and applications you’ll need to open your account. REVIEW INFORMATION. Please review this information before you invest or send money. It details the features and benefits, as well as restrictions, of this type of retirement account. Keep in mind that in order to contribute for the current year, you generally need to establish your plan within 90 days of your company’s fiscal-year end — October 1 for most businesses. GETTING STARTED. After reviewing the information, you can get started by completing the attached agreement, application, and forms. To open the account with funds transferred from another institution, complete the Transfer of Assets form enclosed. Then please return the completed materials to us in the attached reply envelope. If you have any questions or would like to learn more about the Fidelity Self-Employed 401(k), please call a Fidelity Retirement Specialist at 800-544-5373 between 8 a.m. and 9 p.m. ET, seven days a week. Or visit our Web site at Fidelity.com for helpful tools to plan and monitor your retirement investments. You can also visit a Fidelity Investor Center to meet with a representative. We look forward to welcoming you as a Self-Employed 401(k) customer. 343907 401K-LTRB-0503 Sincerely, Jeffrey R. Carney President Fidelity Personal Investments REVIEW INFORMATION A TAX-ADVANTAGED RETIREMENT PLAN FOR SELF-EMPLOYED INDIVIDUALS AND SMALL-BUSINESS OWNERS Recent federal legislation makes contributing to a retirement plan even more advantageous for self-employed individuals and small-business owners.
    [Show full text]
  • Fidelity Bonds and the Restatement
    William & Mary Law Review Volume 34 (1992-1993) Issue 4 Symposium: The Restatement of Article 11 Suretyship May 1993 Fidelity Bonds and the Restatement Hugh E. Reynolds Jr. James Dimos Follow this and additional works at: https://scholarship.law.wm.edu/wmlr Part of the Commercial Law Commons Repository Citation Hugh E. Reynolds Jr. and James Dimos, Fidelity Bonds and the Restatement, 34 Wm. & Mary L. Rev. 1249 (1993), https://scholarship.law.wm.edu/wmlr/vol34/iss4/11 Copyright c 1993 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/wmlr FIDELITY BONDS AND THE RESTATEMENT HUGH E. REYNOLDS, JR.* JAMES DIMos** I. INTRODUCTION The purpose of this Article is to analyze the portions of the cur- rent draft of the proposed Restatement (Third) of Suretyship that may relate to fidelity bonds.1 A wide variety of fidelity bonds are issued by companies that routinely provide such contracts for a. premium. In general, these contracts are designed to provide the obligee with some guaranty or protection against losses arising out of the dishonesty or lack of faithful performance of certain individ- uals or groups of individuals. They tend to fall into one of four categories: public official bonds, financial institution bonds, com- mercial fidelity coverages, and fiduciary bonds on court-supervised fiduciaries.2 Tradition often shapes the reality of the practice of law. The field described as "fidelity and surety law" has developed many such traditions. For example, the relegation of bonds on court-supervised fiduciaries as "miscellaneous bonds" -is part of that tradition.3 It is reasonable to ask why the phrase "fidelity and surety," often spoken as if one word, was chosen to describe this specialty practice.
    [Show full text]
  • American Life & Security Corporation
    STATE OF NEBRASKA Department of Insurance EXAMINATION REPORT OF AMERICAN LIFE & SECURITY CORP. as of December 31, 2016 TABLE OF CONTENTS Item Page Salutation .........................................................................................................................................1 Introduction ......................................................................................................................................1 Scope of Examination ......................................................................................................................1 Description of Company: History........................................................................................................................................3 Management and Control: Holding Company ................................................................................................................4 Shareholder ..........................................................................................................................4 Surplus Note.........................................................................................................................5 Board of Directors................................................................................................................5 Officers ................................................................................................................................6 Committees ..........................................................................................................................7
    [Show full text]