Audits and investigations.

CFR · 2024-01-01 · US · Title 13

(a) (2) (b) (1) A copy of the bond; (2) A copy of the bonded Contract; (3) All documentation submitted by the Principal in applying for the bond; (4) All information gathered by the Surety in reviewing the Principal's application; (5) All documentation of any of the events set forth in § 115.35(a) or § 115.65(c)(2); (6) All records of any transaction for which the Surety makes payment under or in connection with the bond, including but not limited to claims, bills (including lawyers' and consultants' bills), judgments, settlement agreements and court or arbitration decisions, consultants' reports, Contracts and receipts; (7) All documentation relating to efforts to mitigate Losses, including documentation required by § 115.34(a) or § 115.69 concerning Imminent Breach; (8) All records of any accounts into which fees and funds obtained in mitigation of Losses were paid and from which payments were made under the bond, and any other trust accounts, and any reconciliations of such accounts; (9) Job status reports received from Obligees and documentation of each unanswered request for a job status report; and (10) All documentation relating to any collateral held by or available to the Surety. (c) (1) The adequacy and sufficiency of the Surety's underwriting and credit analysis, its documentation of claims and claims settlement procedures and activities, and its recovery procedures and practices; (2) The Surety's minimization of Loss, including the exercise of bond options upon Co

official document · source cfr-2024 · id 13:§ 115.21