Except as provided in section 3 of this chapter, a discount medical card program organization shall maintain in force a surety bond issued:

1. (1) by an insurer granted a certificate of authority under this title;
2. (2) in the discount medical card organization's name; and

3. (3) in an amount equal to at least thirty-five thousand dollars ($35,000);

   for the commissioner's use in protecting the financial interest of a cardholder who may be adversely affected by the insolvency of the discount medical card program organization.

As added by P.L.73-2006, SEC.3.