The amount and form of fidelity coverage must be approved annually by the board of directors of the corporation. Coverage may be provided:(1) in the form of a blanket fidelity bond issued by a corporate surety authorized to transact business in Indiana; or(2) through the establishment of a separate reserve fund within the corporation for that purpose.(b) If the corporation is a corporate fiduciary (as defined in IC 28-1-1-3), the corporation shall make provision for adequate fiduciary errors and omissions insurance coverage.As added by P.L.14-1992, SEC.163. Amended by P.L.262-1995, SEC.89.
Indiana Legal Code