§488-4 - Accumulated funds, protection, violation.
§488-4 Accumulated funds, protection, violation. Any plan which accumulates funds prior to the payment of such funds to the persons providing legal services shall meet the requirements of this section.
The plan administrator shall obtain a bond in an amount and form approved by the department which shall be executed by the plan administrator and a surety company authorized to do business in the State as a surety. The bond shall be to the benefit of the members of the plan and shall be filed with the department. In lieu of the bond required by this section, the department shall accept letters of credit, certificates of deposits, or other evidences of security in form and amounts deemed appropriate by the department. [L 1976, c 156, pt of §1; am L 1992, c 78, §2]