Since 1997, georgia real estate license law has made it mandatory for someone engaged in community association management to hold a real estate license.
Who is exempt from carrying fidelity insurance?
- DOL Sec. 2510.3-3 exempts plans that solely cover the sole proprietor, sole shareholder-employee, or partners, including spouses companies, trust companies, and licenced broker dealers, may be excluded from the bond requirement.
- The fidelity bond must be in the name of the plan and have no deductible.
- Minimum: 10% of plan assets, with a minimum of $1,000.
- The maximum sum is $500,000. The maximum is $1 million if the plan holds employer stock or other employer securities.
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