Surety Companies Doing Business With the United States
other · Fiscal Service · Rule · Published 2014-10-16 · Effective 2014-12-15 · 79 FR 61992
Document
Document number
2014-24460
Federal Register citation
79 FR 61992
CFR reference
31 CFR 223
Type
Rule
Action
Final rule.
Category
other
Sub-agency
Fiscal Service
Publication date
2014-10-16
Effective date
2014-12-15
Abstract
The Department of the Treasury, Bureau of the Fiscal Service (Treasury) administers the Federal corporate surety program. Treasury issues certificates of authority to qualified sureties to underwrite and reinsure Federal bond obligations. Bonds underwritten by Treasury- certified sureties satisfy bonding requirements, provided such bonds are accepted by the agency bond-approving official. Treasury is amending its regulation to expressly provide that an agency may decline to accept a bond underwritten by a Treasury-certified surety for cause, provided the agency satisfies the requirements specified in the final rule. Treasury is also revising the procedures it uses to adjudicate any complaint received from an agency requesting that a surety's certificate of authority be revoked.