No surety insurer authorized to transact business in this State may execute a fidelity or surety bond for an officer or employee of this State or of a county, municipality, or other subdivision of this State or for an officer or employee of a bank, trust company, or other fiduciary corporation organized under the laws of this State except upon the assumption of risk and upon the forms prescribed by law or approved by the director or his designee and the Attorney General. The insurer also shall procure special authority from the director or his designee and the Attorney General for the writing of the fidelity or surety bonds.
HISTORY: Former 1976 Code Section 38-15-10 [1960 (51) 1664; 1962 Code Section 37-761] recodified as Section 38-19-830 by 1987 Act No. 155, Section 1.] Former 1976 Code Section 38-13-30 [1947 (45) 322; 1952 Code Section 37-603; 1962 Code Section 37-603] recodified as Section 38-15-10 by 1987 Act No. 155, Section 1; 1988 Act No. 386, Section 1; 1993 Act No. 181, Section 538.
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