Relating to bonds and insurance policies for public officers

The inclusion of this explanation does not constitute agreement with the explanation’s substance by the members of the general assembly. This bill relates to bonds and insurance policies for public officers. The bill allows a public officer that is required to obtain a bond pursuant to Code chapter (official and private bonds) to instead obtain an insurance policy in an amount not less than the amount required of a bond for that officer. The bill requires that the terms of the insurance policy substantially comply with the terms required of an official bond. If the reasonable expenses of a bond would be paid for by a county or township, the bill requires the reasonable expenses of the insurance policy obtained in lieu of a bond to also be paid by that county or township. The state of Iowa shall be the beneficiary of an insurance policy obtained in lieu of a bond, and the bill requires the insurance policy to be approved, filed, and recorded in the same manner as a bond for a public officer. The bill changes the circumstances under which an officer can be removed from office for failure to give a bond. The bill allows an officer to be suspended from office after acting in an official capacity without giving a required bond until the officer gives an appropriate bond. If an officer who has been suspended from office for failure to give a bond does not give a bond after a reasonable time, the bill allows the officer to be removed from office.