[Code of Federal Regulations]
[Title 29, Volume 9]
[Revised as of July 1, 2005]
From the U.S. Government Printing Office via GPO Access
[CITE: 29CFR2580.412-26]

[Page 606]
 
                             TITLE 29--LABOR
 
 CHAPTER XXV--EMPLOYEE BENEFITS SECURITY ADMINISTRATION, DEPARTMENT OF 
                                  LABOR
 
PART 2580_TEMPORARY BONDING RULES--Table of Contents
 
                          Subpart F_Exemptions
 
Sec. 2580.412-26  Conditions of exemption.

    (a) This exemption obtains only with respect to the requirements of 
section 13(a) of the Act that all bonds required thereunder shall have 
as surety thereon, a corporate surety company, which is an acceptable 
surety on Federal bonds under authority granted by the Secretary of the 
Treasury, pursuant to the Act of July 30, 1947 (6 U.S.C. 6-13).
    (b) This exemption is granted on the following conditions:
    (1) Underwriters at Lloyds, London shall continue to be licensed in 
a state of the United States to enter into bonding arrangements of the 
type required by the Act.
    (2) Underwriters at Lloyds, London, shall file with the Office of 
Pension and Welfare Benefit Programs two (2) copies of each annual 
statement required to be made to the Commissioner of Insurance of those 
states in which Underwriters at Lloyds, London are licensed. Copies of 
annual statements shall be filed with the Office of Pension and Welfare 
Benefit Programs within the same period required by the respective 
states.
    (3) All bonding arrangements entered into by Underwriters at Lloyds, 
London under section 13 of the Act shall contain a ``Service of Suit 
Clause'' in substantial conformity with that set forth in the petition 
for exemption.

           Banking Institutions Subject to Federal Regulation