The director may designate any bank or trust company domiciled in this state as the depository for the Department of Insurance to receive and hold for safekeeping purposes any securities deposited pursuant to sections 44-319.01 to 44-319.13 or any prior insurance law. The holding of any such securities shall be at the expense of the insurer or assessment association. The director is hereby relieved of all personal and official liability for securities held by or in transit to or from such authorized depository. The director shall (1) adopt and promulgate reasonable rules and regulations relative to the manner in which securities may be deposited and withdrawn and (2) purchase such insurance as he or she may deem necessary for the protection of the State of Nebraska and its employees and agents. The premium for such insurance shall be paid from the Department of Insurance Cash Fund.