C.F.R. » Title 31 » CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY › SUBCHAPTER A—BUREAU OF THE FISCAL SERVICE › PART 223—SURETY COMPANIES DOING BUSINESS WITH THE UNITED STATES

31 C.F.R. § 223.1

Certificate of authority

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(a) The regulations in this part govern the issuance, renewal, and revocation by the Secretary of the Treasury, acting through the U.S. Department of the Treasury, Bureau of the Fiscal Service (Treasury), of certificates of authority to bonding companies to do business with the United States as sureties on, or reinsurers of, Federal surety bonds (hereinafter “bonds” or “obligations”) under the authority of 31 U.S.C. 9304-9308 and this part, and the acceptance of such obligations.

(b) A company applying for authority to write surety bonds in favor of the United States must be engaged in the business of writing surety or fidelity contracts at the time of its application to Treasury, whether or not also making contracts in other classes of insurance, but shall not be engaged in any type or class of business not authorized by its charter or the laws of the state in which the company is incorporated. It must be the intention of the company to engage actively in the execution of surety bonds or fidelity contracts in favor of the United States.

(c) A company is not eligible for a certificate of authority if it only insures or reinsures risks of its parent, affiliated, or controlled unaffiliated business, or is deemed by Treasury to be primarily engaged in self-insurance.

[89 FR 48831, June 10, 2024]
Notes of Decisions
Cited in 2 cases, 2001–2001 · leading case: Axess Intern. Ltd. v. Intercargo Ins. Co., 30 P.3d 1 (Wash. Ct. App. 2001).
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Axess Intern. Ltd. v. Intercargo Ins. Co., 30 P.3d 1 (Wash. Ct. App. 2001). “[32] The bond provides: This bond shall inure to the benefit of any and all persons who have obtained a judgment for damages against the Principal arising from its transportation related activities or order of reparation issued pursuant to section 11 of the Shipping Act of 1984,…”
Axess Int'l Ltd. v. Intercargo Ins., 107 Wash. App. 713 (Wash. Ct. App. 2001). “The bond provides: This bond shall inure to the benefit of any and all persons who have obtained a judgment for damages against the Principal arising from its transportation related activities or order of reparation issued pursuant to section 11 of the Shipping Act of 1984, and…”
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