[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR223.3]

[Page 66-67]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
         CHAPTER II--FISCAL SERVICE, DEPARTMENT OF THE TREASURY
 
PART 223--SURETY COMPANIES DOING BUSINESS WITH THE UNITED STATES--Table of Contents
 
Sec. 223.3  Issuance of certificates of authority.

    (a) If, from the evidence submitted in the manner and form herein 
required, subject to the guidelines referred to in Sec. 223.9 the 
Secretary of the Treasury shall be satisfied that such company has 
authority under its charter or articles of incorporation to do the 
business provided for by the Act referred to in Sec. 223.1, and if the 
Secretary of the Treasury shall be satisfied from such company's 
financial statement and from any further evidence or information he may 
require, and from such examination of the company, at its own expense, 
as he may cause to be made, that such company has a capital fully paid 
up in cash of not less than $250,000, is solvent and financially and 
otherwise qualified to do the business provided for in said Act, and is 
able to keep and perform its contracts, he will, subject to the further 
conditions herein contained, issue a certificate of authority to such 
company, under the seal of the Treasury Department, to qualify as surety 
on obligations permitted or required by the laws of the United States to 
be given with one or more sureties, for a term expiring on the last day 
of June next following. The certificate of authority shall be renewed 
annually on the first day of July, so long as the company remains 
qualified under the law and the regulations in this part, and transmits 
to the Assistant Commissioner, Comptroller by March 1 each year the fee 
in accordance with the provisions of Sec. 223.22(a)(3).
    (b) If a company meets the requirements for a certificate of 
authority as an acceptable surety on Federal bonds in all respects 
except that it is a United States branch of a company not incorporated 
under the laws of the United States or of any State, or it is limited by 
its articles of incorporation or corporate charter to reinsure business 
only, it may be issued a certificate of authority as a reinsuring 
company

[[Page 67]]

on Federal bonds. The fees for initial application and renewal of a 
certificate as a reinsuring company shall be the same as the fees for a 
certificate of authority as an acceptable surety on Federal bonds.

[33 FR 8390, June 6, 1968, as amended at 34 FR 20188, Dec. 24, 1969; 37 
FR 1232, Jan. 27, 1972; 40 FR 6499 Feb. 12, 1975; 40 FR 8335, Feb. 27, 
1975; 42 FR 8637, Feb. 11, 1977; 43 FR 12678, Mar. 27, 1978; 43 FR 
39089, Sept. 1, 1978; 49 FR 47002, Nov. 30, 1984]