Section DFI-SB 3.01 - Bonds required; form and amount(1) BOND REQUIRED. Each savings bank shall maintain fidelity bond coverage. Except as provided in s. DFI-SB 3.02, the bond shall cover each director, officer, employee and agent who has control over or access to cash, securities, or other property of the savings bank.(2) AMOUNT. The amount of coverage to be required for each savings bank shall be determined by management, based on its assessment of the level that would be safe and sound in view of the savings bank's potential exposure to risk. The determination shall be approved by the savings bank's board of directors. Each savings bank may maintain bond coverage in addition to that provided by the insurance underwriter industry's standard forms, through the use of endorsements, riders, or other forms of supplemental coverage, if, in the judgment of the board of directors, additional coverage is warranted.(3) BOARD OF DIRECTORS' DECISION. The board of directors of each savings bank shall formally approve the savings bank's bond coverage. In deciding whether to approve the bond coverage, the board shall review the adequacy of the standard coverage and the need for supplemental coverage. Documentation of the board's approval shall be included as a part of the minutes of the meeting at which the board approves coverage. Additionally, the board of directors shall review the savings bank's bond coverage at least annually to assess the continuing adequacy of coverage.Wis. Admin. Code Department of Financial Institutions DFI-SB 3.01
CR Register, February, 1994, No. 458, eff. 3-1-94. This section interprets or implements s. 214.34, Stats.
This section parallels 12 CFR 563.190 under which the federal office of thrift supervision requires bonds and prescribes their form and amount for savings and loan associations.