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.
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