LAW
Writer®
Ohio Laws and Rules
(A) In accordance with the requirements of section 1151.49 of the Revised Code, each association shall maintain as a minimum the fidelity bond coverage shown on the following schedule:
Assets Plus Mortgages Serviced (Base)
From To Amount of bond
$ — – $ 100,000 $ 15,000
100,001 200,000 22,500
200,001 300,000 30,000
300,001 400,000 45,000
400,001 500,000 60,000
500,001 600,000 75,000
600,001 700,000 90,000
700,001 800,000 105,000
800,001 900,000 120,000
900,001 1,000,000 135,000
1,000,001 2,000,000 150,000
2,000,001 3,000,000 180,000
3,000,001 4,000,000 210,000
4,000,001 5,000,000 240,000
5,000,001 6,000,000 270,000
6,000,001 7,000,000 300,000
7,000,001 8,000,000 330,000
8,000,001 9,000,000 360,000
9,000,001 10,000,000 390,000
10,000,001 15,000,000 450,000
15,000,001 20,000,000 510,000
20,000,001 25,000,000 570,000
25,000,001 30,000,000 630,000
30,000,001 40,000,000 705,000
40,000,001 50,000,000 780,000
50,000,001 60,000,000 855,000
60,000,001 70,000,000 945,000
70,000,001 85,000,000 1,035,000
85,000,001 100,000,000 1,125,000
100,000,001 125,000,000 1,230,000
125,000,001 150,000,000 1,335,000
150,000,001 175,000,000 1,440,000
175,000,001 200,000,000 1,545,000
200,000,001 225,000,000 1,650,000
225,000,001 250,000,000 1,755,000
250,000,001 275,000,000 1,860,000
275,000,001 300,000,000 1,965,000
300,000,001 325,000,000 2,070,000
325,000,001 350,000,000 2,175,000
350,000,001 375,000,000 2,280,000
375,000,001 400,000,000 2,385,000
400,000,001 425,000,000 2,490,000
425,000,001 450,000,000 2,595,000
450,000,001 475,000,000 2,700,000
475,000,001 500,000,000 2,805,000
500,000,001 525,000,000 2,910,000
Over 525,000,000 — – 3,000,000
(B) The bond coverage may provide for a deductible amount which otherwise would be recoverable from the bonding company. A deductible amount may be applied separately to one or more insuring agreements. No more than one deductible amount shall be permitted from all losses caused by the same person or persons acting in collusion or combination in cases in which such losses result from dishonesty of employees (as defined in the bond). A deductible shall not exceed two per cent of the association’s net worth.
HISTORY: Prior Eff. 12-14-79, 1-17-92; Replaces 1301:2-1-08, eff. 6-3-04
Rule promulgated under: RC 119.03
Rule authorized by: RC 1155.20
Rule amplifies: RC 1151.49
R.C. 119.032 review dates: 05/24/2009