[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR2580.412-18]

[Page 565]
 
                             TITLE 29--LABOR
 
CHAPTER XXV--PENSION AND WELFARE BENEFITS ADMINISTRATION, DEPARTMENT OF 
                                  LABOR
 
PART 2580--TEMPORARY BONDING RULES--Table of Contents
 
                      Subpart D--General Bond Rules
 
Sec. 2580.412-18  Naming of insureds.


    Since section 13 is intended to protect funds or other property of 
all plans involved, bonds under this section shall allow for enforcement 
or recovery by those persons usually authorized to act for such plans in 
such matters. In most cases, the naming of the plan or plans as insured 
will provide for such recovery. Where it is not clear that such recovery 
will be provided, however, a rider shall be attached to the bond or 
separate agreement made among the parties concerned to make certain that 
any reimbursement collected under the bond will be for the benefit and 
use of the plan suffering a loss. Such rider or agreement shall always 
be required as respects any bond (a) where the employer or employee 
organization is first named joint insured with one or more plans, or (b) 
two or more plans are named joint insureds under a single bond with the 
first named acting for all insureds for the purpose of orderly servicing 
of the bond.