§ 5-108

Maryland § 5-108

• Jurisdiction: Maryland
• Article gsg: State Government
• Title: 5

Text

(a) In determining the type and amount of coverage of any surety bond or insurance policy required by law, the State Treasurer shall have due regard for the duties and responsibilities of the officer or employee.

(b) An officer or employee who is required to be bonded or insured shall be covered, on beginning the performance of the officer’s or employee’s duties, by a surety bond or an insurance policy of the type specified and in the amount and term to be determined by the State Treasurer.

(c) Each State officer or employee, other than those specifically required to be bonded or insured in accordance with any law of the State, who in the opinion of the State Treasurer should be bonded or insured shall be bonded with the type of bond or insurance and in the amount and term to be determined by the State Treasurer.

(d) The State Treasurer shall keep a record of each insurance policy purchased to meet the requirements of subsection (b) of this section.

(e) (1) On the purchase of any bond required by law, a copy of the bond shall be sent to the Comptroller.

(2) A record shall be kept in the Office of the State Comptroller giving:

(i) the name of the officer or employee for whom any individual bond is issued;

(ii) the name of the agency in which the officer or employee is employed or the name of the agencies covered under a blanket bond program;

(iii) the name of the company issuing the bond; and

(iv) the amount, date, and time of expiration of the bond and of any certificate renewing the bond.