Whenever by any presently existing law of this state or by any law hereafter enacted any officer or employee is required to furnish bond as a prerequisite to employment, such requirement as to terms, conditions, penalty, amount, or quality or type of surety shall be and is hereby deemed and defined to mean the furnishing of a bond or surety contract in the manner and amount and under the provisions and requirements of this act. Whenever any officer, board, commission, committee, department, authority, or any state agent or agency by whatever name called, shall be authorized by any law of this state to purchase any official bond, surety bond, blanket bond or surety contract upon any state officers or employees or is authorized to purchase any type of property or casualty insurance coverage, such authority is hereby transferred and conferred upon the committee created by this act and such authority so transferred and conferred shall be exercised by the committee in the manner and under the provisions and requirements prescribed by this act.