30 CFR 553.31 - How can I use a surety bond as OSFR evidence?

Regulations last checked for updates: Oct 18, 2024

Title 30 - Mineral Resources last revised: Oct 03, 2024

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

(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.

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

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

cite as: 30 CFR 553.31