Fidelity-Bond Premium Fund Law, 1907

The prior permanent appropriations titled "Fidelity-bond premiums" from Act No. 1416 are abolished.
All balances, moneys owed, and recovered funds previously related to fidelity bonds merge into the newly created fidelity-bond premium fund.

The Governor-General sets the annual premium rates, subject to change.
Two-thirds of the premium for Insular officers/employees is charged to the fidelity-bond premium fund.
For provincial and Manila city officers/employees, two-thirds are paid by the province or city.

The Philippine Commission may exempt any accountable officer or employee from paying their portion of the bond premium.
Existing exemptions continue unless the Commission decides otherwise.

The Insular Treasurer must maintain an accurate and detailed record of bonded positions.
Records are updated as facts or conditions change.

Appointment to a bonded position automatically renders the appointee a bonded officer/employee with liability starting upon assumption of duties.
Payment of premium shares by the individual and relevant government unit begins simultaneously.
Formal bond application is not required; acceptance and duty assumption imply consent.
Premiums are payable semi-annually in advance.
Refunds of unearned premiums are allowable upon retirement, substitution of successors, or appointment of acting officials.

Department chiefs or provincial treasurers must promptly notify the Insular Treasurer of appointments to bonded positions.
Notifications must include detailed information, such as position title, appointee's name, accountability, bond amount, and qualifications.
The Insular Treasurer records the appointment and may report unsafe risks to the Governor.

Officials acting as both municipal treasurer and deputy provincial treasurer must have notification sent by the provincial treasurer.
The bond amount is set by the Insular Auditor.
Premiums split equally between the province and municipality.
The provincial treasurer collects premiums and forwards them to the Insular Treasurer.

Temporary designations to perform duties of heads or subordinate offices are bonded.
Premiums for these are paid from the appropriations or funds of the concerned unit.

All persons listed as bonded are deemed bonded officers/employees.
They are accountable for faithful duty performance and proper handling of public funds/property.
Specific accountability provisions for provincial treasurers remain under existing laws.

Bonded officers/employees fall under relevant laws forbidding unauthorized departure from the Philippines without certificates.
They are subject to all liabilities and penalties applicable to bonded government officials.

The fund’s monies may be invested by the Insular Treasurer with Governor-General's approval.
Investment methods align with those authorized for the Postal Savings Bank funds.

The Act does not apply to provincial sheriffs or provincial governors acting as sheriffs.
Sheriff bonds require multiple sureties and approval by courts and officials.
Bonds secure faithful official duties and payments of monies.

Several prior laws related to bonding officers and employees and bond premiums are repealed.