Section 362.1045

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 28 Aug 2017   

  362.1045.  Fidelity bonds, errors and omissions insurance policies, other insurance policies, company may procure and maintain. — 1.  A family trust company may procure and maintain fidelity bonds on all active officers, directors, managers, and members acting in a managerial capacity and on all employees of the company in order to indemnify the family trust company against loss resulting from dishonest, fraudulent, or criminal acts or omissions committed by any such person, whether acting alone or in combination with other persons and regardless of whether such person receives a salary or other compensation from the company.

  2.  A family trust company may also procure and maintain an errors and omissions insurance policy in which the family trust company is listed as the insured to cover the acts and omissions of officers, directors, managers, and members acting in a managerial capacity, regardless of whether any such person receives a salary or other compensation from the company.

  3.  A family trust company may also procure and maintain other insurance policies necessary or desirable in connection with the business of the company including, but not limited to, one or more casualty insurance policies.

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(L. 2017 H.B. 292)