Swiss Re Americas Issues Public Comment on Treasury’s Fiscal Service Bureau

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WASHINGTON, March 6 — Matthew Wulf, head of state regulatory affairs at Swiss Re Americas, Armonk, New York, has issued a public comment on the U.S. Treasury Department’s Bureau of the Fiscal Service notice entitled “Surety Companies Doing Business with the United States; Request for Information”. The comment was written on Feb. 13, 2020, and posted on March 5,...

Talisman Casualty Denied Diversity Jurisdiction Of Protected Cell Series LLC In National WW II Museum Case

A captive insurance company (usually just referred to as a “captive” in short) is an insurance company that is set up to provide for the insurance needs of its owners, and them only. There are many types of captives, and they can be organized in many ways, most typically as corporations but also as LLCs and some other more...

Supreme Court of Canada could review ‘joint and several liability’ clause in surety bond [Intact]

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he Guarantee Company of North America wants to take a disputed claim on a 20-year-old performance bond to the Supreme Court of Canada. The top court announced Feb. 7 that The Guarantee is applying for leave to appeal HOOPP Realty Inc. v. The Guarantee Company of North America, released this past November by the Court of Appeal of Alberta....

Obscure But Important Surety and Guarantee Rules

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Texas surety law contains obscure procedural rules that can have outsized consequences. Chapter 43 of the Civil Practice and Remedies Code is an important example. Applicability This chapter applies to everything that is a “surety” as defined by the statute. The statute’s definition includes “an endorser, a guarantor, and a drawer of a draft that has been accepted; and...

Raleigh lawyer pleads guilty to lobbying-related charges after WBTV investigation [Cannon Surety]

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RALEIGH, N.C. (WBTV) – Raleigh lawyer and lobbyist Mark Bibbs pleaded guilty to six misdemeanor charges in a Wake County courtroom Monday. Bibbs was indicted on ten felony and misdemeanor charges in February 2018 following an investigation by the North Carolina Secretary of State’s Office that was prompted by a WBTV investigation. The charges included felony obstruction of justice,...

SBA Recognizes FY19 Most Active Surety Companies and Agencies

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WASHINGTON, DC – The U.S. Small Business Administration announced on Wednesday its most active surety companies and agencies for fiscal year 2019, which contributed to increases in the Surety Bond Guarantee (SBG) Program’s activity. “The SBA is very fortunate to partner with sureties and agents with a shared vision of assisting small and emerging businesses,” said Peter C. Gibbs,...

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