The bond must be in the form and provide coverage as the commissioner may direct and must be made by a surety corporation authorized to do business in this state. The amount of the bond as to each person is subject to the approval of the commissioner. In lieu of individual bonds, a blanket bond covering all active officers, agents, and employees of an association may be executed, subject to approval by the commissioner. Every bond is in force until ten days after notice is provided to the commissioner that the bond is to be canceled.
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