The Texas Workers Compensation Self-Insurance Group (SIG) Change in Performance or Fidelity Bond Checklist is used to verify that bond requirements for self-insured employers in Texas are met. The checklist contains two parts: (1) Change in Performance Bond and (2) Fidelity Bond. The Change in Performance Bond is required for all self-insured employers in Texas and must be renewed annually. It is designed to protect the workers’ compensation funds of the State of Texas in the event the employer fails to meet its obligations. It is issued by an authorized surety and must include the name of the employer as the principal and the State of Texas as the obliged. The Fidelity Bond is also required for all self-insured employers in Texas and must be renewed annually. It is designed to protect the workers’ compensation funds of the State of Texas in the event of any fraudulent or dishonest act by the employer or its employees. It is issued by an authorized surety and must include the name of the employer as the principal and the State of Texas as the obliged. The Texas Workers Compensation Self-Insurance Group (SIG) Change in Performance or Fidelity Bond Checklist must be completed and submitted to the Texas Department of Insurance (TDI) prior to the start of the new policy year. The checklist requires the employer to provide the following information: 1. Bond Number 2. Bond Expiration Date 3. Surety Company Name 4. Surety Company Address 5. Bond Amount 6. Bond Premium 7. Policy Number 8. Policy Expiration Date 9. Signature of Authorized Representative The Texas Workers Compensation Self-Insurance Group (SIG) Change in Performance or Fidelity Bond Checklist must also be completed and returned to the Texas Department of Insurance (TDI) within 30 days of any change in the bond information. This includes changes in the bond amount, bond premium, surety company name, or policy expiration date.
Texas Workers Compensation Self-Insurance Group (SIG) Change in Performance or Fidelity Bond Checklist
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How to fill out Texas Workers Compensation Self-Insurance Group (SIG) Change In Performance Or Fidelity Bond Checklist?
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FAQ
There are two types of fidelity bonds: first-party bonds (which protect companies from harmful acts by employees or clients) and third-party bonds (which protect companies from the harmful acts of contracted workers).
The most popular form of fidelity bond is a business service bond. They are also known as business bonds or janitorial service bonds. Their purpose is to ensure that workers who have access to a client's home or business act honestly and ethically.
The Fidelity Bond protects the plan and its participants, while Fiduciary Liability Insurance typically protects the plan's fiduciaries from claims of a breach of fiduciary responsibilities. This insurance is not required by ERISA, but many fiduciaries seek to have this coverage for their own protection.
Employee Dishonesty Insurance, often broadly referred to as a ?fidelity bond,? is a type of business insurance that offers an employer protection against financial losses that are caused by its employees' dishonest misconduct.
An ERISA fidelity bond is a type of insurance that protects the plan against losses caused by acts of fraud or dishonesty. Fraud or dishonesty includes, but is not limited to, larceny, theft, embezzlement, forgery, misappropriation, wrongful abstraction, wrongful conversion, willful misapplication, and other acts.
What is Fidelity Bond? Fidelity Bond is an insurance of bondable public officer under the Fidelity Fund to assure: ? faithfully perform all the duties imposed by law upon him; ? faithfully account all funds and public property coming into his possession, custody of control. Accountable Officials/Employees.
A position schedule bond is a bond purchased by an organization in case of loss to the company due to dishonest actions, such as theft or embezzlement, by an employee listed on the position schedule. A position schedule is a list of positions held by employees within a company. These bonds are a type of fidelity bond.
Fidelity Bonding is a business insurance policy that protects employers against employee dishonesty, theft or embezzlement. A fidelity bond is no-cost insurance coverage from $5,000 up to $25,000 that enables employers to hire job applicants considered to be "at risk" due to their past life experiences.