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- Alaska Statutes.
- Title 6. Banks and Financial Institutions
- Chapter 26. Revised Alaska Trust Company Act
- Section 620. Insurance; Bonds.
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Section 610. Customer Records Confidential.
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Section 630. Reports of Apparent Crime.
AS 06.26.620. Insurance; Bonds.
- (a) The board of directors of a trust company shall maintain bonding and other insurance for the trust company against
dishonesty, fraud, defalcation, forgery, theft, embezzlement, burglary, robbery, and other similar insurable losses and
hazards as required by the department by regulation. The board shall obtain the bonding and other insurance from a
person authorized under AS 21 to act as an insurer or a surety insurer in
this state.
- (b) The board of directors shall procure errors and omissions insurance in the amount of at least $500,000.
- (c) At least once each year, the board of directors shall review the bonding and other insurance required by this section
to determine whether the coverage is adequate in relation to the exposure of the trust company. The minimum amount of
insurance required by this section does not automatically represent adequate bonding and insurance coverage in relation
to the exposure. Immediately after procuring the bonding and other insurance, the board shall file copies of the
documents representing the bonding and other insurance with the department.
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