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Chubb erisa bond application

Chubb erisa bond application 2025

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The document is a renewal application for a Fiduciary Fidelity Bond for Employee Benefits Plans (ERISA Bond) issued by the Chubb Group of Insurance Companies. It outlines the requirements and information needed from the applicant, including details about the applicant's operations, financial statements, and compliance with internal controls. The application emphasizes the importance of accurate information and warns against misrepresentation. It also includes sections on material changes in operations and declarations regarding the truthfulness of the provided information.

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Are bonds eligible for ERISA?

As per ERISA regulations, bonding is mandatory for anyone handling plan funds or property, including trustees, administrators, employees, and individuals exercising discretionary control over plan assets. The bond amount must be at least 10% of the funds handled, with a minimum requirement of $1,000 per plan.

How do I get an ERISA bond?

CAN I GET AN ERISA BOND FROM ANY BONDiNG OR iNSURANCE COMPANY? No. Bonds must be obtained from a surety or reinsurer that is named on the Department of the Treasurys Listing of Approved Sureties, Department Circular 570 (available at fms.treas.gov/ c570/c570.

What are the rules for ERISA bonds?

The bond amount cannot be less than $1,000 and does not need to be more than $500,000 per plan official per plan (or $1 million for plans that hold employer securities). Even if 10% of the amount of funds handled is less than $1,000, the minimum bond is $1,000. fiduciaries (Section 401, ERISA).

What is Chubb bond?

Chubbs Insurance Company Bond provides insurance companies with a straightforward financial fidelity insurance solution for their complex financial and regulatory risks. Target Classes: Property Casualty insurers. Life, Health, and Annuities insurers.

Is an ERISA bond the same as a surety bond?

While other types of coverage protect the people and businesses in charge of these funds, an ERISA bond covers the plan itself. It is a surety bond put in place to protect plan beneficiaries.

What is the difference between an ERISA bond and a fiduciary bond?

ERISA fidelity bonds protect plan participants from loss due to fraud or dishonesty, while fiduciary liability insurance protects companies from legal liability arising from plan sponsorship.

What are non qualifying assets for ERISA bond?

If the plan includes non-qualifying assets (items not held by any financial institution, including real estate and collectibles), the bond amount is either 10% of the plan assets being handled or the value of the non-qualifying assets whichever is greater.

What is the penalty for not having an ERISA bond?

Although maintaining a sufficient bond is a regulatory requirement, there is no penalty when coverage falls below the minimum amount. However, plans that are consistently under-bonded may raise red flags with government agencies that could result in an investigation to ensure there are no other problems.

Chubb erisa bond application 2025

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