Bonds and crime policies

Sec. 3. (a) As used in this section, "employee" includes the superintendent of an institution. (b) The director may require an employee of a state institution to furnish a bond in an amount determined by the director. (c) A bond required by this section must be: (1) payable to the state; (2) conditioned upon the faithful performance of the employee's duties; (3) subject to the approval of the insurance commissioner; and (4) filed in the office of the secretary of state. (d) The premiums for a bond required by this section shall be paid from the money of the division. (e) The division may secure a standard form blanket bond or crime insurance policy endorsed to include faithful performance that covers all or any part of the employees of the division. A blanket bond or crime insurance policy secured by the division under this subsection must be in an amount of at least fifty thousand dollars ($50,000). (f) The commissioner of insurance shall prescribe the form of the bonds or crime policies required by this section. [Pre-1992 Revision Citations: 4-28-2-10; 12-1-2.1-4; 16-13-1-29.] As added by P.L.2-1992, SEC.18. Amended by P.L.49-1995, SEC.9; P.L.28-2012, SEC.22.