21 CRR-NY 4253.5NY-CRR
21 CRR-NY 4253.5
21 CRR-NY 4253.5
4253.5 Eligible surety companies.
In order to be eligible to participate in the program, a surety company must, among other requirements to be determined by the corporation:
(a) have a certificate of solvency (pursuant to section 111 of the Insurance Law) from, and have its rates approved by, the New York State Department of Financial Services and/or appear in the most current edition of the U.S. Department of Treasury Circular 570 as eligible to issue bonds in connection with procurement contracts for the United States of America;
(b) have a satisfactory performance record regarding contractor default, termination of contracts, application of satisfactory underwriting standards and principles and practices for evaluating contractor credit and capacity and processing claims, including diligent and commercially reasonable recovery efforts; and
(c) be rated B+ or higher if rated by A.M Best's Key Rating Guide Property/Casualty.
21 CRR-NY 4253.5
Current through September 15, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.