Connecticut Paid Family and Medical Leave Insurance Bond
A new law titled SB 1 creates a paid family and medical leave insurance program. Employers that elect to meet their obligations for this program through a self-insured private plan will be required to post a surety bond in an amount that the Insurance Department would determine.
The Paid Family and Medical Leave Insurance Authority’s board of director’s officers also must post a $50,000 surety bond, a blanket bond covering all officers, board members, and employees, or obtain an equivalent insurance product if they are authorized to handle funds or sign checks for the program. The bond secures the faithful performance of their duties of office.
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If you’re ready to get a free surety bond quote to meet this new surety bond requirement, you can simply apply online. We are the nation’s largest volume bond producer, and provide the lowest rates in the industry.