South Dakota Trust Company Surety Bond Abolished

South DakotaThere is a new law regarding trust companies in the state of South Dakota labeled SB 85. SB 85 modifies the law which requires that a fidelity bond, surety bond, or directors and officers insurance policy be acquired by trust companies for the safeguard of its fiduciary clients. SB 85 revises the original law so that both a fidelity bond and a D&O insurance policy will be required; the option of a surety bond is now eliminated.