(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.