SB 1387 is a new law enacted in Texas for the management of carbon dioxide. The law was put in place for the storage of anthropogenic carbon dioxide. This carbon dioxide that is being stored has been segregated, stripped, or divided from any other fluid; along with any that was collected from a source such as clean energy programs or industrial industries. A permit is required to inject the carbon dioxide into injection wells, along with proof of financial responsibility with a performance bond or other financial securities. The proper plugging of an unused well, the availability of funds for plugging, post-injection site maintenance, and closure of the site will be taken care of by the performance bond.
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Texas Well Plugging Performance Bond
August 11, 2009 by Tracy KonopkaDiscuss: Comments (1)
Category: Contract Bonds, Performance Bonds, Surety News
Tags: bond requirements, legislation, texas, tx, well plugging bond
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Texas Identity Theft Recovery Service Bond
August 10, 2009 by Lisa GrimsleyThe state of Texas has enacted SB 778. The law establishes financial requirements for providers of identity recovery service contracts, which requires an insurance policy and reserve account reimbursement for the client. The new law also requires financial security in the form of a deposit of cash, a surety bond, securities, a letter of credit or another form of security. This security amount can not be less than $25,000 or 5% of the total consideration the provider received from consumers from the sale of all identity recovery service contracts written and outstanding in the State; if there are any claims paid greater, that will meet the requirement as well. With this new law in place, the provider or its parent company can sustain a net worth or stockholder’s equity of at least $100 million. SB 778 will become effective on January 1, 2010.Discuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, identity theft, identity theft recovery, legislation, surety bond, texas, tx
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Texas Medical Bond
August 7, 2009 by Eric WeisbrotDue to a new Texas law referred to as HB 4341, discount medical health programs are now required to post a $50,000 surety bond. Any insurers that already have a certificate of authority under existing law would be exempt from this new requirement. The new law directs the Insurance Department to determine the specifics of the law. This new requirement will be effective on April 1, 2010.Discuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, legislation, medical, texas, tx
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Texas Title Insurer Bond
by Eric WeisbrotTexas recently enacted HB 4338, which requires title insurers to maintain “unencumbered assets� to provide a secure reserve for “contingencies�. Acceptable forms of security to fulfill this new requirement are surety bonds, cash/cash equivalents, assets (without a lien), real estate, in excess of any encumbrances; investments, certificates of deposit, stocks/bonds, or a letter of credit. The population of the county which the insurer’s principal office is established will determine the amount of assets to be maintained; this can range from $25,000 to $150,000.Discuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, legislation, texas, title insurer, tx
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Texas Guardian Surety Bond
August 6, 2009 by Eric WeisbrotThe state of Texas has enacted a new law under the name HB 3080 which makes a temporary guardian or guardian and the surety on the bond liable for any excess compensation that they received. This happens when the court reduces or eliminates his/her compensation pursuant to the new law’s provisions that allows the court to do so under certain conditions.Discuss: Comments (0)
Category: Court Bonds, Surety News
Tags: bond requirements, court, guardian, guardianship bond, legislation, texas, tx
