The Governor may require the Commissioner to execute a surety bond in an amount that the Governor establishes or an insurance policy of the type and in the amount of coverage determined by the Governor in consultation with the State Treasurer. The Commissioner may require any officer or other employee of the Division to execute a surety bond in the amount that the Commissioner, with the approval of the State Treasurer, establishes. The bond shall be conditioned on the individual faithfully performing the duties of office and accounting for all funds officially received. A surety bond for the Commissioner shall be issued by a corporate surety approved by the Governor. Any surety bond for an officer or other employee of the Division shall be issued by a corporate surety approved by the Commissioner and the State Treasurer. The premium for a surety bond or an insurance policy issued under this section shall be paid by the Division. An individual who fails to provide or maintain a surety bond or an insurance policy as required by this section: may not assume the duties of the individual’s position; and after 30 days, forfeits the individual’s office or employment.