Iowa Admin. Code r. 191-73.5

Current through Register Vol. 47, No. 13, December 25, 2024

Rule 191-73.5 - Fidelity bond-letter of credit

A HIPC shall maintain in force a fidelity bond on administrators, employees and officers in an amount not less than $1,000,000 or such greater sum as may be prescribed by the commissioner The fidelity bond shall be in the form prescribed by the commissioner In the event a HIPC employs a contract administrator, the administrator shall maintain a $250,000 letter of credit for the life of the contract payable to the HIPC sponsor. This letter of credit shall be in addition to the fidelity bond.