The meeting will involve two committees. The Surety Forms Working Group consists of NASBP bond producer members, sureties, industry and standards stakeholders and software vendors aiming to provide the industry with ACORD forms similar to those available in the property/casualty industry. The Joint Automation Committee , meanwhile, is comprised of the NASBP's Automation & Technology Committee and SFAA's e-Business Advisory Committee. The electronic forms won't be new, but Coon said the goal is “modernization”—to further define and adopt the ACORD Surety standards that can accommodate different vendor, agency and surety systems, and allow them to more easily send information back and forth
1 Comment - The goals identified so far include: • Engage the sureties and vendors in the process • Finalize/Vote on ACORD 501 (Report of Execution) for submission to ACORD • Draft/Review ACORD 503 (Commercial Surety Bond Request Form) • Identify the next form(s) to be done. • Identify XBRL integration into the forms. • Discuss introduction of the FORMS to agents – let’s get them in the hands of the agents so they start getting use to look/feel. • Introduction of the technology and timeline for deployment to sureties & vendors
Surety Forms Working Group
NASBP offers a variety of forms for different purposes. Some forms were created by NASBP and its membership, others are offered by industry partners
August 16-17, 2016
NASBP's comments in recommendation that the Office of General Services (GSA) approve an extension to the current information collection requirement which provides that, in order to qualify as a surety, individuals must complete and furnish contracting officers with Standard Form 28, Affidavit of Individual Surety. Comment letter also contains suggestions for the purpose of enhancing the quality, utility, and clarity of the information to be collected through the use of Standard Form 28. #Advocacy #Federal #CommentLetters #FocalPoint
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See matching library entry files - Hada Flowers/IC 9000-0001 General Services Admin...
Please do not remove Link for Surety Pro Locator Promotion in SmartBrief Surety Pro Locator Premier Listing Form
NASBP is pleased to offer the following informative resource materials on commercial surety. Bond Execution Guide - An basic manual to help administrative staff reach a general understanding of the basics of the surety bond form, including important terms and items to check. "The Business of Non-Construction Surety Bonds ," an article published in the NASBP Jan/Feb 2017 Pipeline
This workshop provides a deep dive into commercial surety. The instructors are commercial surety producers and underwriters with years of experience, they will outline key elements of commercial surety including legal requirements, financial analysis, underwriting processes, participant roles, and risks