Selection and admission of PSB Sureties.

CFR · 2024-01-01 · US · Title 13

(a) (1) An underwriting limitation of at least $6,500,000 on the U.S. Treasury Department list of acceptable sureties; (2) An agreement that the Surety will neither charge a bond premium in excess of that authorized by the appropriate State insurance department, nor impose any non-premium fee unless such fee is permitted by applicable State law and approved by SBA. (3) Premium income from contract bonds guaranteed by any government agency (Federal, State or local) of no more than one- quarter of the total contract bond premium income of the Surety; (4) The vesting of underwriting authority for SBA guaranteed bonds only in employees of the Surety; (5) The rating or ranking designations assigned to the Surety by recognized authority. (b)

official document · source cfr-2024 · id 13:§ 115.60