§ 223.8. Quarterly financial reporting requirements.
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/us/cfr/t31/s§ 223.8·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Every company certified under this part is required to file the following each quarter with Treasury, c/o Surety Bonds Program, to the location, and in the manner, specified online at https://www.fiscal.treasury.gov/surety-bonds/:
(a)A statement of its financial condition, as of the close of the preceding quarter, on the quarterly statement form of the NAIC with all Schedules and Exhibits completed, including copies of the NAIC File Upload, showing that it has paid-up capital of at least \$250,000 in cash or its equivalent, in the case of a stock insurance company, or has net assets of not less than \$500,000 over and above all liabilities, in the case of a mutual insurance company. The Quarterly Financial Statement's Jurat Page
(only)is to be signed (facsimile or electronic signatures are acceptable) by the company President, Secretary, and a Notary Public who shall also affix a notary seal;
(b)A completed Schedule of Excess Risks form (Form No. FS 285-A) as of the close of the preceding quarter;
(c)A Report of Federal Business Written and/or Outstanding as of the close of the preceding quarter, per instructions provided online at https://www.fiscal.treasury.gov/surety-bonds/;
(d)A copy of the latest available report of its examination by its domiciliary State Insurance Department including a copy of company responses to any significant findings or recommendations;
(e)A listing of the names of the company's current officers and directors as of the close of the preceding quarter, including a biographical affidavit of each new officer and director per instructions online at https://www.fiscal.treasury.gov/surety-bonds/; and
(f)Such other evidence as Treasury may request to establish that the company is solvent, willing, and able to meet the continuing obligation to carry out its contracts. Additionally, Treasury will publish supplemental guidance annually regarding evidence it may require, submission methods, and format of the data listed in paragraphs
(a)through
(e)of this section along with the due dates for quarterly reporting. \[89 FR 48833, June 10, 2024\]