Month: July 2018

SFAA Addresses Coverage for Virtual Currency in Money Transmitter License Bond Rules

SFAA submitted comments to the Washington Department of Financial Institutions to address proposed rules for money transmitters that expanded the meaning of money transmission to include the transmission of virtual currency. The bond?s existing condition requires the surety to secure the licensee?s compliance with this law. SFAA explained the risks in underwriting virtual currency transmissions due to the volatile fluctuations in the value of the currency. Virtual currency is subject to minimal regulation, is vulnerable to cyberattacks, and the accounts are not insured by the Federal Deposit Insurance Corporation. Underwriting these risks could increase the surety?s exposure by amounts that are difficult to quantify or identify so that the surety bond?s coverage should not be extended to cover them since it could negatively affect the bond?s availability.

Members should visit Advocacy / General Info (Members) for more information.

Public:

• 2018-2019 Board of Directors list
• News Release – SFAA Elects Board Members and President

Members:

• Commercial Surety Advisory Committee presentation
• International Advisory Committee presentations
• 2018-2019 Executive Committee list
• 2017-2018 Annual Committee reports (Member Services, Committees …)
• 2018-2019 Advisory Committee Members (Member Services, Committees …)
• Annual Meeting presentations and videos

The first quarter 2018 Quarterly Results have been posted for Members and Subscribers

Navigate to these reports at Statistics / Statistical Reports: Financial Statement Data / Quarterly Results For Members only, historical quarterly reports have been added back to 2010 Q1.

Non-Members may purchase these reports by completing a Statistical Report Order Form. Click here for a complete list, description, and release schedule of statistical reports.

The
data used to produce these reports have been compiled by both The
Surety & Fidelity Association of America and SNL Financial LC, and
is copyrighted by both The Surety & Fidelity Association of America
and SNL Financial LC. Reproduction in any form in whole or in part is
prohibited without written permission from The Surety & Fidelity
Association of America.

SFAA?s Bill to Eliminate Indexing of Miller Act Bond Threshold Passes House in the NDAA

Members should visit Advocacy / General Info (Members) for more information.

Update on Surety Issues at the Federal Level

Members should visit Advocacy / General Info (Members) for more information.

Approved SFAA Filings: SFAA Filing Reference Numbers – Rules Manual, Loss Cost and Fidelity Form Filings has been updated for multiple states.

Members may navigate to Regulatory Filings / Approved SFAA Filings.