Georgia State presented a new law regarding the Trust Code. The new law is named SB 131 and modifies the Trust Code within the state. SB 131 states that a trustee is required to attain a surety bond only when the court finds it essential to defend the interests of the trust, or if the trust instrument required one. The new law also authorizes the court to release the requirement, decrease or boost the quantity of a surety bond, release a surety, or authorize the replacement of another bond with a matching or separate surety company. Regulated financial service institutions eligible to do trust business within the State are not asked to acquire a surety bond. The new law authorizes the surety bond to be attained by an individual residing in the State or by a state authorized commercial surety. SB 131 also states that the surety bond must be in a quantity equivalent to twice the value of the estate, but allows a commercially acquired surety bond to be in a quantity equal to the value of the trust estate.
Trustees in the State of Alaska must abide by a new bill. The new bill, which is referred to as HB 108, requires any individual acting as a trustee on a deed to acquire a $250,000 surety bond to guard the grantors and beneficiaries of the deed from the trustee’s deception or defalcation perpetrated in the execution of the trustee’s responsibilities. All title insurance agencies within the state would be excused from the surety bond obligation.
Discount medical plan organizations operating in the State of Rhode Island must follow a new law titled HB 7606. The new law requires discount medical plan organizations to register and acquire a $100,000 surety bond. HB 7606 allows the Health Insurance Commissioner to utilize the surety bond at their discretion to secure the financial interest of the company’s members which includes reimbursement to consumers if the company’s registration is withdrawn. A state licensed insurance company must write the surety bond. Alternative types of security also would be authorized in place of the bond.
A new bill was presented in the State of Colorado concerning waste tire facility operators. The new bill, which is named HB 1018, requires waste tire facility operators to register and satisfy financial assurance necessities for the recovery of the site and guarantee of full payment of all closure and post closure expenses; this includes any expenses for corrective actions. Surety bonds along with alternative financial instruments would be authorized to fulfill this requirement. The Hazardous Waste Commission would establish the quantity of the surety bond being called for.
SB 310 is a new Georgia State law that was enacted relating to pharmacy benefit managers. The new law requires pharmacy benefit managers to attain a license and also attain a $100,000 surety bond from a state authorized corporate surety company. The sureties have the option to terminate the surety bond with 30 days written notification. Additional terms of the surety bond will be established using policies. Also, a $250,000 minimum errors and omissions insurance policy or “other appropriate liability insurance” also is necessary.
Life settlement providers must abide by a new law in the State of New Hampshire. The new law is labeled HB 660 and enacts the model act for both life settlement providers and brokers of the National Association of Insurance Commissioners (NAIC). Under the new law, providers and brokers are required to attain a $250,000 surety bond. Surety bonds are amongst the financial instruments authorized to satisfy this requirement.