In addition to the bond or insurance policy required under § 5–102 of this subtitle, the State Treasurer shall be covered by a surety bond or an insurance policy meeting the requirements of this section. A surety bond purchased to meet the requirements of subsection (a) of this section shall: be conditioned on the faithful performance of the duties of the State Treasurer as custodian of the Unemployment Insurance Fund; run to the State; be in an amount that the Secretary approves; and be in a form required by law or approved by the Attorney General. An insurance policy purchased to meet the requirements of subsection (a) of this section shall be of the type and in the amount of coverage determined by the State Treasurer, in consultation with the Secretary of Labor.