It is found and determined that: (1) The State of Arkansas and the counties, municipalities, and school districts of the State of Arkansas are expending large sums of money each year for premiums on blanket bonds for officers and employees; (2) Considerable savings might be effected by the establishment of a self-insured fidelity bond program […]
As used in this subchapter: (1) “Audit” or “audit report” means an audit or other statutorily allowed financial examination of the books and records; (2) “Commissioner” means the Insurance Commissioner; (3) “County” means the county or counties of the State of Arkansas; (4) “County public official” or “county public employee” means any elected officer of […]
(a) (1) The fidelity bond coverage provided under this subchapter shall be in lieu of all statutorily required bonds for the various public officers, officials, and employees participating in the Self-Insured Fidelity Bond Program. (2) The various laws specifically requiring surety bonds or blanket bonds for the respective public officials, officers, and employees shall not […]
(a) There is established a Self-Insured Fidelity Bond Program for state officials and employees, county officials and employees, municipal officials and employees, and school district officials and employees, to be administered by the Governmental Bonding Board. (b) (1) The fidelity bond coverage provided by the program shall cover actual losses sustained by a participating governmental […]
(a) There is created the Governmental Bonding Board, which shall be composed of the following five (5) members: (1) The President of the Association of Arkansas Counties; (2) The President of the Arkansas Municipal League; (3) The Commissioner of Elementary and Secondary Education; (4) The Secretary of the Department of Finance and Administration; and (5) […]
It shall be the responsibility of the Governmental Bonding Board to develop and administer the Self-Insured Fidelity Bond Program for state officers and employees, state public officials and public employees, and county, municipal, and school district public officials and public employees.
(a) The Insurance Commissioner, at the direction of the Governmental Bonding Board, shall receive and disburse funds necessary for the establishment and operation of the Self-Insured Fidelity Bond Program. (b) The State Risk Manager shall assist in the operations of the program and shall submit to the board recommendations for the establishment of: (1) Premium […]
(a) The Legislative Auditor, with the approval of the Legislative Joint Auditing Committee, shall give notice and make proof of loss to the Governmental Bonding Board under the Self-Insured Fidelity Bond Program on behalf of a public official, officer, or employee when the audit of the records of the public official, officer, or employee reflects […]
(a) (1) (A) Upon the receipt of the proof of loss from the Legislative Auditor, the Governmental Bonding Board shall determine whether the loss is covered under the Self-Insured Fidelity Bond Program. (B) The board may withhold claim determination and a loss payment until the investigation in each case has been completed and all information […]
(a) The Governmental Bonding Board, with the assistance of the State Insurance Department, shall prepare a billing certification to be remitted to the: (1) (A) Department of Finance and Administration. Upon receipt of this certification, the Secretary of the Department of Finance and Administration shall pay it from funds specifically appropriated for it by the […]
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a separate fund to be known as the “Fidelity Bond Trust Fund”. (b) (1) No money shall be appropriated from the fund for any purpose except for the use and benefit […]
