The world of surety seems to be doing just fine amidst the down economy. There are still a lot of construction jobs available and many bonds to be written; but could the healthy appearance of the surety industry be somewhat of an illusion?
Legislatures in Texas have enacted a new law directly affecting the surety bond industry. When one looks at the changes included in the bill, it’s hard to see what it actually accomplishes; it raises the question of whether the legislators writing laws affecting the world of surety have adequate knowledge of the industry.
The state of Florida has enacted new legislation that broadens the exclusion concerning commercial insurance and filing requirements. The new law, which is named SB 99, exempts surety from the rate filing requirements; but keep in mind that surety is different from traditional insurance; also affected is burglary and theft.
When looking for a company to provide a service, anything from purchasing your new car to planning your next vacation, it’s important to know that you’re dealing with a legitimate one. Certain rules are in place in order to dodge sketchy businesses; some Florida legislators are working to pass a new law that terminates these read more »
It often seems individual’s both part of state and federal governments blindly enact guidelines affecting surety bonds with little knowledge on the subject. Some ill-advised changes were made to Indiana State law a few years ago concerning surety bond requirements; more specifically relating to public officials.