Idaho Code § 26-2156: BOND COVERAGE.

(1) Each credit union must be adequately insured against risk. The board of directors of each credit union must at least annually review its bond and other insurance coverage to ensure that it is adequate in relation to the potential risks facing the credit union and the minimum requirements set by the board.

(2) Each credit union must purchase a blanket fidelity bond that:

(a) Covers the officers, employees, directors, members of official committees, attorneys and other agents;

(b) Covers against loss caused by fraud and dishonesty; and

(c) Has the following required minimum dollar amount of coverage:

(3) The maximum amount of allowable deductible is computed based on the credit union’s asset size and capital level, as follows:

(4) The director may require an additional amount of bond coverage for a credit union, taking into account the size of the credit union, the credit union’s field of membership, risk level of the credit union, and any other factors the director finds relevant to the determination of appropriate bond coverage for a credit union.

(5) The board of directors should purchase additional or enhanced coverage when circumstances warrant.

(6) If a credit union fails to maintain a blanket fidelity bond in the amount prescribed by the director, the director may order the credit union to cease its operations until such time when the credit union obtains the required bond.

(7) When a credit union receives notice that its fidelity bond coverage will be suspended or terminated, the credit union shall notify the director in writing no fewer than thirty (30) days prior to the effective date of the suspension or termination.