Tex.
Fin. Code Section 92.156
Financial Institution Bond
(a)
A savings bank shall maintain a financial institution bond that provides adequate coverage to protect the savings bank from loss:(1)
by or through dishonest or criminal action or omission, including fraud, theft, or misplacement, by any of the following persons:(A)
an officer or employee of the savings bank;(B)
an attorney retained by the savings bank;(C)
a nonemployee performing data processing services for the savings bank; or(D)
a director of the savings bank performing a duty of an officer or employee; or(2)
by other perils such as robbery, burglary, forgery, or alteration.(b)
A savings bank that employs a collection agent who is not covered by the bond required by Subsection (a) shall:(1)
ensure that the savings bank is included as a loss payee in the collection agent’s crime coverage; and(2)
obtain a certificate of insurance evidencing the sufficiency of the collection agent’s crime coverage.(c)
Subject to rules adopted under Subsection (e), the board shall, at least annually, review and approve:(1)
the coverage, including the amount of the coverage, provided by the bond and the form of the bond; and(2)
the sustainability of the corporate surety or insurer that issued the bond.(d)
The bond must provide that a cancellation or other termination by the corporate surety or insurer or by the insured is not effective until the earlier of:(1)
the date the commissioner approves; or(2)
the 30th day after the date written notice of the cancellation is given to the commissioner.(e)
The finance commission may adopt rules establishing:(1)
the coverage, including the amount of the coverage, that must be provided by the bond and the form of the bond; and(2)
the sustainability of the corporate surety or insurer that issues the bond.
Source:
Section 92.156 — Financial Institution Bond, https://statutes.capitol.texas.gov/Docs/FI/htm/FI.92.htm#92.156 (accessed Jun. 5, 2024).
