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Committee approves updates to self‑insured fidelity bond program
Summary
The committee passed amendments clarifying the self‑insured fidelity bond program that reimburses governmental entities for theft or dishonest acts by employees, adding consistent terminology, clarifying covered loss types and correcting a statutory citation.
The Senate Insurance & Commerce Committee voted to approve amendments that update Arkansas’s self‑insured fidelity bond program, which reimburses governmental entities for losses caused by employee theft or other dishonest acts.
Amanda Gibson, managing attorney at the Arkansas Insurance Department, told the committee the bill adds the term "self insured" consistently throughout the statute, clarifies which types of losses are covered (including theft, embezzlement and concealment), and corrects a now‑repealed citation governing how the fidelity fund’s assets may be invested.
Senator Murdoch and other committee members asked whether the change alters coverage for past incidents; Gibson confirmed the bill clarifies coverage language without expanding or contracting the program’s basic indemnity for participating governmental entities such as school districts, municipalities, counties and state agencies.
With no members of the public signed up to speak, Senator Irvin moved the measure, Senator Boyd seconded, and the committee voted to pass the bill.
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