2007 Minnesota Statutes

62A.4524 OFFICER'S AND EMPLOYEE'S FIDELITY BOND.
(a) A prepaid limited health service organization shall maintain in force a fidelity bond in
its own name on its officers and employees in an amount not less than $20,000,000 or in any
other amount prescribed by the commissioner. Except as otherwise provided by this paragraph,
the bond must be issued by an insurance company that is licensed to do business in this state
or, if the fidelity bond required by this paragraph is not available from an insurance company
that holds a certificate of authority in this state, a fidelity bond procured by a licensed surplus
lines agent resident in this state in compliance with sections 60A.195 to 60A.2095 satisfies the
requirements of this paragraph.
(b) In lieu of the bond specified in paragraph (a), a prepaid limited health service organization
may deposit with the commissioner cash or securities or other investments of the types set forth in
section 62A.4521. Such a deposit must be maintained by the commissioner in the amount and
subject to the same conditions required for a bond under this paragraph.
History: 2005 c 17 art 2 s 15