No common carrier, authorized to do business in this state, when requiring of an employee that he give it a bond or undertaking of any nature whatever, shall require such employee to have such bond or undertaking executed as surety by any particular company, corporation, association, or firm, or by any one or more of any number of such companies, corporations, associations or firms named by such common carrier. No such common carrier shall reject any such bond or undertaking for any reason other than the financial insufficiency of such bond or undertaking.