(a) Any entity licensed or authorized to transact fidelity insurance or corporate suretyship business in this State may make bonds or contracts of insurance to guarantee the fidelity of persons holding positions of trust in a private or public capacity.

(b) Such an entity may act as surety upon the official bond, provide recognizance, or guarantee the undertaking of any person or entity to any governmental entity, court, or any other person or entity, if accepted and approved by the court, magistrate, or obligee or person authorized to approve such bond or contract. However, approval of persons or entities to execute a bond or post bail as required as a condition of release shall be pursuant to 13 V.S.A. § 7554a.

(c) When such bond is furnished by a public officer or person and accepted for that purpose, the bond shall be deemed full compliance with any requirement for security or surety required to be given by way of bond, recognizance, or other form, such public officer or other person becoming personally bound in the form prescribed by law.

(d) The entity may act as surety upon a bond or undertaking to any person or entity conditioned upon the performance of any duty or trust, or for the doing or not doing of anything in such bond or undertaking specified; it shall indemnify against loss any persons who are responsible as sureties. (Added 1993, No. 233 (Adj. Sess.), § 81, eff. June 21, 1994.)