(1) In all cases where a bond is required of a public officer in this state to ensure against malfeasance or misfeasance in office, crime insurance shall instead be obtained.
(2) Crime insurance and the amount of coverage required is subject to approval as provided by law.
(3) The several boards, courts, or officers authorized by law to approve crime insurance may require review and update of the insurance annually.
(4) Intentional failure to obtain and maintain required crime insurance is malfeasance in office and may subject the officeholder to proceedings for removal from office.