(a) Notwithstanding any other law that authorizes or requires a state officer or employee to obtain a surety bond, a state agency may purchase a surety bond for a state officer or employee only if:
(1) required by the constitution of the state or by federal law or regulation;
(2) required by court order; or
(3) approved by the office.
(b) The office may approve the purchase of a surety bond if:
(1) the office finds that the surety bond is warranted by a substantial or unusual risk of loss; or
(2) the office otherwise determines that the purchase of a surety bond is necessary to protect the interests of the state.