Such lump sum amounts when received by the Commission from the State Treasurer shall be immediately deposited by the Commission in a benefit payment account maintained in the name of the Commission in such bank or public depository and under such conditions as the Commission determines necessary. Such bank or public depository shall be one in which general funds of the State may be deposited, but no public deposit insurance charge or premium shall be paid out of the fund or benefit payment account. The Commission shall require of such bank or depository as it may select as the depository of the benefit payment account security in an amount equal to the amount on deposit at any time. Such security shall consist of securities or a surety bond as required by law of depositories of State funds.