An approved PEO must maintain a fidelity bond or a zero-deductible crime policy that complies with the requirements of §13.568 of this title (relating to Standards for Fidelity Coverage). The fidelity bond or zero-deductible crime policy must cover each person responsible for handling or administering plan assets, including: the approved PEO; its directors, officers, and employees; or any other individual responsible for servicing the plan.

Source Note: The provisions of this §13.542 adopted to be effective May 17, 2016, 41 TexReg 3479