Oklahoma § 6-713 - Fidelity bonds and other insurance

§ 6-713. Fidelity bonds and other insurance

A. Directors must require fidelity bonds. The directors of a

bank or trust company shall require good and sufficient fidelity

bonds on all active officers and employees, whether or not they draw

salary or compensation, which bonds shall provide for indemnity to

such bank or trust company on account of any losses sustained by it

as the result of any dishonest, fraudulent or criminal conduct by

them acting independently or in collusion or combination with any

person or persons. Such bonds may be in individual, schedule or

blanket form, and the premiums therefor shall be paid by the

corporation.

B. Other insurance. The said directors shall also require

suitable insurance protection to the bank or trust company against

burglary, robbery, theft and other insurable hazard to which the

bank or trust company may be exposed in the operations of its

business on the premises or elsewhere.

C. Annual review of bonds and insurance by board of directors Insurance - Bonds and insurance subject to approval of Commissioner

and to regulations of board. The directors of every bank and trust

company shall be responsible for prescribing at least once in each

calendar year the amount or penal sum of the bonds and policies

specified in this section and the sureties or underwriters thereon,

after giving due and careful consideration to all known elements and

factors constituting such risk or hazard. Such action shall be

recorded in the minutes of the board of directors and thereafter be

reported to the Commissioner and be subject to his approval.

Evidence of any and all such bonds shall be filed with the

Commissioner as soon as procured.

Oklahoma Statutes - Title 6. Banks and Trust Companies

Added by Laws 1965, c. 161, § 713.

4, eff. Nov. 1, 2003.

Amended by Laws 2003, c. 180, §