§ 223.1. Certificate of authority.
220 words·~1 min read·
/us/cfr/t31/s§ 223.1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The regulations in this part govern the issuance, renewal, and revocation by the Secretary of the Treasury, acting through the U.S. Department of the Treasury, Bureau of the Fiscal Service (Treasury), of certificates of authority to bonding companies to do business with the United States as sureties on, or reinsurers of, Federal surety bonds (hereinafter "bonds" or "obligations") under the authority of 31 U.S.C. 9304-9308 and this part, and the acceptance of such obligations.
(b)A company applying for authority to write surety bonds in favor of the United States must be engaged in the business of writing surety or fidelity contracts at the time of its application to Treasury, whether or not also making contracts in other classes of insurance, but shall not be engaged in any type or class of business not authorized by its charter or the laws of the state in which the company is incorporated. It must be the intention of the company to engage actively in the execution of surety bonds or fidelity contracts in favor of the United States.
(c)A company is not eligible for a certificate of authority if it only insures or reinsures risks of its parent, affiliated, or controlled unaffiliated business, or is deemed by Treasury to be primarily engaged in self-insurance. \[89 FR 48831, June 10, 2024\]
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- 31 USC 9304-9308
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§ 223.1
Certificate of authority.
Fed. Reg.×1
Cite31 USC 9304-9308
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