New Hampshire § 383-A-4-405 - Section 383-A:4-405 Fidelity Bond.

§ 383-A-4-405. Section 383-A:4-405 Fidelity Bond.

(a) A state bank or credit union shall maintain a fidelity bond that provides protection against losses from (i) any dishonest or criminal act of any person, including any of its directors, officers, employees, and agents, and (ii) any act such as robbery, burglary, or forgery by a person not associated with the bank or credit union. (b) Except as provided in (c), the fidelity bond shall be issued by: (1) An insurer licensed under the laws of the state; or (2) A foreign surplus lines insurer authorized to sell insurance in this state and licensed by any state, district, or territory of the United States. (c) The issuer of a fidelity bond may be a person other than as described in (b)(1) and (2) if, under the terms of the policy, the issuer unconditionally consents to: (1) The resolution of any claim or dispute involving the policy by a court located in this state; and (2) The personal jurisdiction of the courts located in this state in connection with any matter involving the policy. (d) The board of directors shall review the fidelity bond annually, or more often as circumstances require, to evaluate the adequacy of the amount of coverage. (e) A state bank or credit union shall give notice to the commissioner in accordance with RSA 383-A:6-602 if the coverage under the fidelity bond is decreased by 25 percent or more in any 12-month period. (f) From time to time, the commissioner may reduce or increase the amount of the fidelity bond that a state bank or credit union is required to maintain. At no time shall the amount fall below the minimum required by the commissioner. (g) The policy shall require that the fidelity bond insurer provide 10 days' notice to the commissioner before cancellation or nonrenewal of the fidelity bond shall take effect.