(a) Except as provided in subsection (c) of this section, the State shall purchase a bond for each fiduciary in accordance with Title 9, Subtitle 17 of the State Government Article.
(b) (1) Unless a fiduciary is bonded as required by subsection (a) of this section, the fiduciary may not exercise custody or control of any assets of a State system.
(2) A fiduciary may not allow another fiduciary to act in violation of paragraph (1) of this subsection.
(c) (1) The State may satisfy the requirement for a bond under subsection (a) of this section by purchasing an insurance policy.
(2) The State Treasurer, in consultation with the Board of Trustees, shall determine the type and amount of coverage provided by a policy purchased under paragraph (1) of this subsection.
Structure Maryland Statutes
Title 21 - State Retirement and Pension System
Subtitle 2 - Fiduciary Responsibilities
Section 21-202 - Purposes of Assets of System
Section 21-203 - Standards of Care
Section 21-204 - Duties and Responsibilities of Trustees
Section 21-205 - Prohibited Transactions Involving System Assets
Section 21-206 - Liability of Fiduciary for Breach of Duty
Section 21-207 - Indemnification of Fiduciaries
Section 21-208 - Agreement Relieving Fiduciary From Liability