Treasury Published an Updated Rule Governing the Surety Bond Program

June 11, 2024

The U.S. Department of the Treasury, Bureau of the Fiscal Service has published an updated rule governing Surety Companies doing business with the United States under CFR Title 31, Subtitle B, Chapter II, Subchapter A, Part 223. The final rule will be effective Friday, August 09, 2024, unless an extension is necessary. If an extension is required, Fiscal Service will issue an updated announcement.

This final rule amends the regulations of the Department of the Treasury (Treasury), Bureau of the Fiscal Service (Fiscal Service), regarding the corporate Federal Surety Bond Program. Treasury is amending its regulations to allow the recognition of additional companies as reinsurers. Treasury is also amending its regulations to incorporate requirements that were previously published in supplemental guidance documents, for surety companies to submit information that Treasury uses to perform a financial analysis of these companies. Treasury is also reorganizing the existing regulations to modernize and improve their structure.

The Surety Bond website has more information about Surety Bonds and the final rule can be found in the Federal Register.

Fiscal Service is responsible for administering the Surety Bond Program for the federal government under 31 U.S.C. 9304-9308. Companies who wish to directly write federal bonds, reinsure federal bonds, or be recognized as an Admitted Reinsurer, Complementary Reinsurer, or Alien Reinsurer for the companies writing or reinsuring federal bonds must apply to Fiscal Service to be admitted to the program.

The Fiscal Service is a bureau of the United States Department of the Treasury. Our mission is to promote the financial integrity and operational efficiency of the federal government through exceptional accounting, financing, collections, payments, and shared services.

For more information about the Fiscal Service, please visit our website, www.fiscal.treasury.gov.