§ 53-358. Bonding requirements; reports of apparent crime.
§ 53‑358. Bondingrequirements; reports of apparent crime.
(a) The board ofdirectors of a State trust company shall require protection and indemnity forthe State trust company and its clients in amounts established by rules,orders, or declaratory rulings of the Commissioner, or otherwise in reasonableamounts, against dishonesty, fraud, defalcation, forgery, theft, and othersimilar insurable losses, with corporate insurance or surety companies:
(1) Authorized to dobusiness in this State; or
(2) Acceptable to theCommissioner and otherwise lawfully permitted to issue coverage against thoselosses in this State.
(b) Except as otherwiseprovided by rules, orders, or declaratory rulings of the Commissioner, coveragerequired under subsection (a) of this section shall include each director,officer, and employee of the State trust company without regard to whether theperson receives salary or other compensation.
(c) A State trustcompany that is the victim of a robbery, has a shortage of corporate or accountassets in excess of five thousand dollars ($5,000), or is the victim of anapparent or suspected misapplication of its corporate property or accountassets in any amount shall report the robbery, shortage, or apparent orsuspected misapplication to the Commissioner within 48 hours after the time itis discovered. The initial report may be oral if a written report is madepromptly following the oral report. Neither the State trust company nor anydirector, officer, employee, or agent of the State trust company is subject toany liability for providing any information in any such report in good faith. (2001‑263, s. 1.)