Category: Bond Articles

Updates to the Binder of Standard Forms to include Illinois specific material for the ERISA Dishonesty Bond have been posted.  Details on the latest updates are on the Countrywide Filings page. 

The Binder of Standard Fidelity and Forgery Forms is accessible online for Members, Subscribers, and Claims Advisors.   Hard copy order form for non-Members:

 For Members only (or from the menu, select “Advocacy” / “Federal/State Regulations“)

Commercial Lines Modernization Bills Moving in the States

Members should visit Advocacy / General Info (Members) for more information.

SFAA Addresses Coverage for Virtual Currency in Money Transmitter License Bond Rules

SFAA submitted comments to the Washington Department of Financial Institutions to address proposed rules for money transmitters that expanded the meaning of money transmission to include the transmission of virtual currency. The bond?s existing condition requires the surety to secure the licensee?s compliance with this law. SFAA explained the risks in underwriting virtual currency transmissions due to the volatile fluctuations in the value of the currency. Virtual currency is subject to minimal regulation, is vulnerable to cyberattacks, and the accounts are not insured by the Federal Deposit Insurance Corporation. Underwriting these risks could increase the surety?s exposure by amounts that are difficult to quantify or identify so that the surety bond?s coverage should not be extended to cover them since it could negatively affect the bond?s availability.

Members should visit Advocacy / General Info (Members) for more information.

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.

SFAA and NASBP Address Bonding for FCC-Funded Projects in U.S. Territories

Members should visit Advocacy / General Info (Members) for more information.

SFAA Comments on Proposed California Bond Requirement for Third Party CDL Testers

Members should visit Advocacy / General Info (Members) for more information.