§553.31. How can I use a surety bond as OSFR evidence?

30 C.F.R. § 553.31

(a)

Each bonding company that issues a surety bond that you submit to BOEM as OSFR evidence must—

(1)

Be licensed to do business in the State in which the surety bond is executed;

(2)

Be certified by the U.S. Treasury Department as an acceptable surety for Federal obligations and listed in the current Treasury Circular No. 570;

(3)

Provide the surety bond on Form BOEM-1020; and

(4)

Be in compliance with applicable statutes regulating surety company participation in insurance-type risks.

(b)

A surety bond that you submit as OSFR evidence must include all the information required by § 553.41.

Notes, amendments, and revision history

Authority: 33 U.S.C. 2704, 2716; 2716a; E.O. 12777, as amended.

Source: 76 FR 64623, Oct. 18, 2011, unless otherwise noted.