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Comprehensive Legislative Reports for Commercial Surety, Contract Surety and Fidelity posted for Members. Navigate to: |
ERISA Dishonesty Bond Filing Status Report posted for SFAA Members
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ERISA Dishonesty Bond (SFAA-F-303; XX-FM-24) Status Report posted for Members on the Regulatory Filings / Countrywide Filings page. |
Massachusetts Form Filing Requirements – Fidelity and Crime Filings Status Report posted
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Massachusetts Form Filing Requirements - Fidelity and Crime Filings Status Report posted for Members on the Regulatory Filings / Countrywide Filings page. |
Fidelity and Forgery Rules Manual updated
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The Fidelity and Forgery Rules Manual has been updated with a Fidelity Rules Manual Exception page for Hawaii for Members and Subscribers (effective date 3/1/2018).
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Filing to Update Surety Rules Manual status report updated
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Filing to Update Surety Rules Manual *XX-SM-10 report updated for Members on the Regulatory Filings / Countrywide Filings page. |
Crime Protection Policy Schedule Endorsement Filing status report updated
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Crime Protection Policy Schedule Endorsement Filing (SFAA-F-294), XX-FM-21, Loss Cost Filing Number XX-FLC-13 status report updated for Members on the Regulatory Filings / Countrywide Filings page. |
SFAA’s Bill to Address Attorneys’ Fees Awards in Bond Claims Considered but not Enacted
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SFAA’s Bill to Address Attorneys’ Fees Awards in Bond Claims Considered but not Enacted |
Washington SB 6428/HB 2852 would have placed reasonable limits on the award of attorney fees’ against sureties. The bill provided that the rights granted under current procurement law would have been the exclusive remedy for recovering attorneys' fee for all disputes, including but not limited to coverage disputes involving a performance or payment bond required under the Little Miller Act. The legislation stalled in the House and died at the end of the session since bills do not carry over to 2019 in Washington.
Members should visit Government Relations / General Info (Members) for more information.
Draft Meeting Minutes posted
Draft Minutes from the following
recent meetings have been posted for Members:
- Fidelity Claims Advisory Committee meeting - January 24, 2018
- Board of Directors meeting - December 7, 2017
- Commercial Surety Advisory Committee meeting - December 6, 2017
- Fidelity/Fidelity Claims Advisory Committee meeting - November 8, 2017
- e-Business Advisory Committee conference call - October 4, 2017
- Diversity & Human Resources Advisory Committee meeting - September 28, 2017
- Actuarial Advisory Committee meeting - September 13, 2017
- Contract Bonds Advisory Committee meeting - September 13, 2017
- Government Affairs Advisory Committee meeting - September 13, 2017
- Communications Advisory Committee conference call - September 12, 2017
- Surety Claims Advisory Committee meeting - June 20, 2017
- Fidelity Advisory Committee meeting - May 10, 2017
- International Advisory Committee meeting - May 10, 2017
- Surety Claims / Corporate Counsel Advisory Committees meeting - January 18, 2017
- Joint Automation Committee meeting - September 24-25, 2015
- Statistical Advisory Committee meeting - September 2, 2015
Members should navigate to the Board and Committees section of the website for for additional information
about SFAA Board and Advisory Committees.
SFAA’s Bill in Indiana to Require Bonding in P3s Goes to Study
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SFAA’s Bill in Indiana to Require Bonding in P3s Goes to Study |
Indiana HB 1301 would direct the Legislative Council to form an interim study committee to examine requiring performance and payment bonds for future public private partnership (P3) projects for the three P3 laws that SFAA sought to amend. As introduced, HB 1301 contained the amendments that SFAA drafted to require 100% bonds in all three P3 laws. The bill was amended twice to reduce the bond requirements from 100% to 50% and then down to 25% before it was amended again to send the issue to another study committee. HB 1301 has been sent to the Governor. There also are study provisions on bonding for any kind of P3 project in HB 1374 that the Governor has signed. HB 1374 also revises the existing law for the Indiana Finance Authority.
Members should visit Government Relations / General Info (Members) for more information.
SFAA Objects to Proposed Montana Rules Eliminating Aggregate Liability Provision for Public Adjuster
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SFAA Objects to Proposed Montana Rules Eliminating Aggregate Liability Provision for Public Adjusters’ Bond |
SFAA advised against a proposed rule from the Montana Commissioner of Securities and Insurance that would delete a provision limiting the surety’s aggregate liability to the bond amount for the bond required from public adjusters. SFAA noted that the proposed rules could affect the bond’s availability by increasing the surety’s financial exposure. The proposed rules state that the intent of the changes is to remove superfluous language without changing the meaning of the rule. Our comments noted that eliminating the limit on the surety’s aggregate liability could result in a material, unintended change as the statute does not limit the surety’s aggregate liability.
Members should visit Government Relations / General Info (Members) for more information.