While in office, the Comptroller shall be covered by a surety bond or an insurance policy as required in this section. A surety bond of the Comptroller shall: run to the State; be in the amount of $200,000; be with surety that the Governor approves; and be conditioned on the Comptroller: accounting for the funds that are received under color of office; and otherwise discharging faithfully each duty of office. After execution and approval of a surety bond under this section, the surety bond shall be recorded in the office of the Clerk of the Supreme Court of Maryland. The State Treasurer shall determine the type and amount of coverage to be provided by an insurance policy purchased under subsection (a) of this section and keep record of any insurance policy procured to meet the requirements of subsection (a) of this section.