Section 10-2-15 - Surety bond coverage. - New Mexico Statutes

10-2-15. Surety bond coverage.

A.     The department shall provide surety bond coverage for all employees. Whenever an employee is required by another law to post bond or surety as a prerequisite to entering employment or assuming office, the requirement is met when coverage is provided for the office or position under the provisions of the Surety Bond Act [10-2-13 NMSA 1978]. Notwithstanding any other provisions of law, no state agency or employee shall purchase any employee surety bond other than pursuant to the provisions of the Surety Bond Act.   

B.     The secretary shall prescribe the amount of surety bond coverage by class of employee.   

C.     All or any part of the amount of surety bond coverage prescribed by the secretary may be covered by a schedule or blanket corporate surety bond.   

D.     The department may provide coverage for employees of covered educational entities through insurance, self-insurance or a combination thereof.