Iowa Code § 422.67 — Generally —bond —approval

The director shall administer the taxes imposed by this chapter . The director shall give a bond in an amount to be fixed by the governor , which has been issued by a surety company authorized to transact business in this state and approved by the insurance commissioner as to solvency and responsibility . The reasonable cost of said bond shall be paid by the state, out of the proceeds of the taxes collected under the provisions of this chapter .