[Code of Federal Regulations]
[Title 29, Volume 2]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR453.19]

[Page 209]
 
                             TITLE 29--LABOR
 
  CHAPTER IV--OFFICE OF LABOR-MANAGEMENT STANDARDS, DEPARTMENT OF LABOR
 
PART 453_GENERAL STATEMENT CONCERNING THE BONDING REQUIREMENTS OF THE 
LABOR-MANAGEMENT REPORTING AND DISCLOSURE ACT OF 1959--Table of Contents
 
Sec. 453.19  The designation of the ``insured'' on bonds.

    Since section 502 is intended to protect the funds or other property 
of labor organizations and trusts in which labor organizations are 
interested, bonds under this section should allow for enforcement or 
recovery for the benefit of the labor organization or trust concerned by 
those ordinarily authorized to act for it in such matters. For example, 
in the case of a local labor organization, a bond would not be 
appropriate under section 502 if it protected only the interests of a 
national or international labor organization with which the local labor 
organization is affiliated or if it designated as the insured only some 
particular officer of the organization who does not legally represent it 
in similar formal instruments.

Qualified Agents, Brokers, and Surety Companies for the Placing of Bonds