Section 12-21-3-3 - Performance bonds and crime policies(a) An officer or employee of the division shall, as the director requires, furnish a bond or crime policy endorsed to include faithful performance in the amount the director determines payable to the state and conditioned upon the faithful performance of the individual's duties.(b) The bonds or crime policies are subject to approval by the insurance commissioner and shall be filed in the office of the secretary of state.(c) The premiums for the bonds are payable from the money of the division.(d) The director may secure a standard form blanket bond or crime insurance policy endorsed to include faithful performance covering all or any part of the officers and employees of the department. However, the blanket bond or crime insurance policy must be in an amount not less than fifty thousand dollars ($50,000).(e) The commissioner of insurance shall prescribe the form of the bonds or crime policies required by this section.Pre-1992 Revision Citation: 16-13-1-29 part.
As added by P.L. 2-1992, SEC.15. Amended by P.L. 49-1995, SEC.8.