§223.18. Revocation.
31 C.F.R. § 223.18
Treasury may initiate a revocation proceeding against a Treasury-certified company in one of two ways:
Treasury, of its own accord, under § 223.19, may initiate revocation proceedings against the company when it has reason to believe that the company is not complying with 31 U.S.C. 9304-9308 and/or the regulations under this part; or
Treasury, under § 223.20, may initiate revocation proceedings against the company upon receipt of a complaint from an agency that the company has not paid or satisfied one or more administratively final bond obligations due the agency.
A revocation of a company's certificate of authority under § 223.19 or § 223.20 precludes the company from underwriting or reinsuring additional bonds for any agency, and therefore revokes the company's opportunity to have its bonds presented to any agency bond-approving official for acceptance.
Notes, amendments, and revision history
Amendments
[79 FR 62001, Oct. 16, 2014, as amended at 89 FR 48837, June 10, 2024]
Authority
Authority: 5 U.S.C. 301; 31 U.S.C. 9304-9308.
Amendments
[79 FR 62001, Oct. 16, 2014, as amended at 89 FR 48837, June 10, 2024]