SFAA and NASBP Address Bonding for FCC-Funded Projects in U.S. Territories
Members should visit Advocacy / General Info (Members) for more information.
Month: July 2018
bookmark_borderSFAA Defeats Bond Waiver Bill in Rhode Island
SFAA Defeats Bond Waiver Bill in Rhode Island
SFAA and AIA defeated Rhode Island HB 7809/SB 2513, which would have granted the chief purchasing officer the discretion to waive the state bond requirements for projects up to $250,000. The bill also would have increased the state bond threshold for public works projects from $50,000 to $100,000.
Members should visit Advocacy / General Info (Members) for more information.
bookmark_borderTreasury Department, Circular 570, Surety Companies Acceptable on Federal Bonds list updated
The U.S. Treasury Department has issued its annual update to Circular 570 for 2018. Treasury reports the following updates for this year?s publication:
July 3, 2018:
Ironshore Specialty Insurance Company (NAIC #25445) voluntarily relinquished its Treasury Certificate of Authority, which became effective June 30, 2018.
July 3, 2018:
Texas Pacific Indemnity Company (NAIC #20389) merged into its parent company, Pacific Indemnity Company, which was effective on September 30, 2017.
bookmark_borderSubscribers to SFAA Fidelity and Surety Case Summaries List updated
The Subscribers to SFAA Fidelity and Surety Case Summaries list has been updated for Members, Claims Advisors and Case Summary Subscribers.
Navigate to Member Services / Claims / Subscribers to Case Summaries.
bookmark_borderNew Bonding Opportunities posted for Members
 | New bonding opportunities enacted in the state legislature that may be of interest to SFAA members has been posted. The report is divided by line of business: contract surety, commercial surety, and fidelity bonds. For your reference, we have included the date of enactment for each bill. SFAA updates this list periodically as new bonding opportunities are enacted. |
Access the New Bonding Opportunities now
bookmark_borderCovington to Lead The Surety & Fidelity Association of America
FOR IMMEDIATE RELEASE
Contact: Larry Taylor, Chair SFAA Board of Directors
Phone: (515) 243-8171
E-mail: [email protected]
Contact: Bryan Surcouf, Communications Manager
Phone: (202) 778-3629
E-mail: [email protected]
Covington to Lead The Surety & Fidelity Association of America
Association Salutes Retiring President and Welcomes New Leader
JULY 19, 2018, Washington, D.C. – The Surety & Fidelity Association of America?s (SFAA) board of directors is delighted to announce that J. Lee Covington II will become the trade association?s President on October 1, 2018. Covington will take the place of retiring President Lynn Schubert who has led the SFAA for more than two decades. Schubert will become President Emeritus until her retirement on December 31, 2018.
?In the past 22 years, Lynn Schubert has transformed the SFAA into the thought leader and trusted adviser for the surety and fidelity industry, as well as for government agencies and legislators,? said Board Chair Larry Taylor. ?Now the industry marks the beginning of a new era with Lee Covington.?
The SFAA works every day to educate lawmakers and stakeholders about the benefits of surety and fidelity bonding and the critical role it plays to protect public and private interests. In 2017 alone, the surety industry provided over $600 billion in protection to consumers, taxpayers and businesses. The organization represents more than 425 property and casualty insurance companies providing public policy advocacy and education, as well as statistical and actuarial services and information. SFAA members write over 97 percent of the surety and fidelity premium in the United States.
?It is an honor to become President of the SFAA and I welcome the opportunity to lead the organization as it continues to achieve its mission and seize new opportunities to expand the use of the valuable products and services offered by the association?s members,? said Covington.
Covington currently is the Senior Vice President, Governmental Affairs and General Counsel for the Insured Retirement Institute, a position he held since 2009, leading its legislative and regulatory initiatives at both the federal and state levels. His focus on insurance law began in 1993 in Little Rock, Arkansas where he rose to become the deputy commissioner of the Arkansas Insurance Department. Covington honed his leadership skills as the Director of the Ohio Department of Insurance from 1999 to 2002, where he served on the Executive Committee of National Association of Insurance Commissioners, and then moved to positions of influence on the national stage in Washington D.C.
?It has been my honor to serve the SFAA,? said President Lynn Schubert, ?and I am thrilled to turn over the reins to such a capable leader who will take our vibrant organization of experienced staff and active member company representatives and enhance it for the membership and the entire industry.?
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The Surety & Fidelity Association of America (SFAA) is a trade association of more than 425 insurance companies that write the vast majority of surety and fidelity bonds in the U.S. SFAA is licensed as a rating or advisory organization in all states and it has been designated by state insurance departments as a statistical agent for the reporting of fidelity and surety experience.