CT HB05333

Repeals and replaces subsection (c) of section 10a-224 regarding surety bond requirements for Connecticut Higher Education Supplemental Loan Authority officials, effective July 1, 2016

Requires the chairman, vice-chairman, executive director, and board members authorized to handle funds to execute a surety bond in the penal sum of fifty thousand dollars, or alternatively obtain a blanket position bond covering all board members and employees

Clarifies that the authority shall pay the cost of surety bonds required under the statute

Adds new option allowing the authority to obtain an insurance policy or policies with a penal sum of at least one hundred thousand dollars per occurrence as an alternative to bonding, covering faithless performance of duties by officers, employees, or board members

Authorizes the authority to determine applicable deductibles or self-insured retention amounts and requires the authority to pay all costs for such insurance coverage