New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4253 - Bonding Guarantee Assistance Program
Section 4253.5 - Eligible surety companies
Current through Register Vol. 45, No. 52, December 27, 2023
In order to be eligible to participate in the program, a surety company must, among other requirements to be determined by the corporation:
(a) have a certificate of solvency (pursuant to section 111 of the Insurance Law) from, and have its rates approved by, the New York State Department of Financial Services and/or appear in the most current edition of the U.S. Department of Treasury Circular 570 as eligible to issue bonds in connection with procurement contracts for the United States of America;
(b) have a satisfactory performance record regarding contractor default, termination of contracts, application of satisfactory underwriting standards and principles and practices for evaluating contractor credit and capacity and processing claims, including diligent and commercially reasonable recovery efforts; and
(c) be rated Bk or higher if rated by A.M Best's Key Rating Guide Property/Casualty.
