(a) The Commissioner shall be bonded with a good and sufficient surety, as the Board shall determine and shall fix, conditioned that he or she shall faithfully account for and dispose of any funds and securities received into his or her custody or control, in accordance with applicable law.

(b) All officers and employees of the Division of Insurance, Securities and Banking handling money or securities in the course of their duties, shall be bonded with a good and sufficient surety, in such amount as the Board shall determine and shall fix.