33-3-307. Bond of officers. (1) The president, secretary, and treasurer of every mutual insurer shall each file with the commissioner and thereafter maintain in force so long as he is such an officer a fidelity bond in the sum of $10,000 issued by an authorized corporate surety in favor of the insurer. In lieu of individual bonds, all such officers may be covered under a blanket bond for the same respective amounts, and which blanket bond shall likewise be filed with the commissioner.
     (2) The premium for the bond shall be payable by the insurer.
     (3) No such bond shall be subject to cancellation except upon written notice to both the insurer and the commissioner, delivered not less than 30 days in advance of the effective date of such cancellation.
     (4) The insurer shall provide for the bonding by authorized corporate surety of all other officers in any way responsible for the handling of the funds of the insurer.
     (5) This section shall not be deemed to limit the amount of bonded protection which the insurer may carry as to any officer.

     History: En. Sec. 439, Ch. 286, L. 1959; R.C.M. 1947, 40-4722.