SF2342 modifies the beneficiary and use requirements for public officer insurance policies.

SF2342 removes the requirement that the state must be the beneficiary of an insurance policy obtained in lieu of a bond for public officers. Previously, the state had to be the beneficiary and the policy had to be for the use and benefit of any corporation, public or private, or person injured or sustaining loss. This bill eliminates those specific requirements, allowing for more flexibility in the use and beneficiary of the insurance policy.

SF2342 modifies the beneficiary and use requirements for public officer insurance policies.

SF2342 removes the requirement that the state must be the beneficiary of an insurance policy obtained in lieu of a bond for public officers. Previously, the state had to be the beneficiary and the policy had to be for the use and benefit of any corporation, public or private, or person injured or sustaining loss. This bill eliminates those specific requirements, allowing for more flexibility in the use and beneficiary of the insurance policy.