Section 12-24-3-3 - Bonds and crime policies(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.
Amended by P.L. 28-2012, SEC. 22, eff. 7/1/2012.As added by P.L. 2-1992, SEC.18. Amended by P.L. 49-1995, SEC.9.