R628-4-2. Fidelity Bond or Crime Insurance

  A. Every public treasurer shall secure a fidelity bond or crime insurance in the amount shown in R628-4-4. Bonds must be issued by a corporate surety licensed to do business in the state of Utah and having a current A.M. Best Rating of "A" or better.

  1. Crime insurance must be issued by:

  a) an insurer licensed to do business in the state of Utah and having a current A.M. Best Rating of "A" or better; or

  b) an interlocal agency created under Section 11-13-101 operating as a joint self-insurance fund. A joint self-insurance fund providing crime coverage under this section must maintain a restricted account in the PTIF equal to 50% of the per occurrence limit of coverage.

  B. Bonds should be effective as of the date the treasurer assumes the duties of the office or is sworn in.