NASBP 2012 Highlights: Year in Review

With the extraordinary and combined efforts of our Members, Affiliates, Associates, and staff, NASBP accomplishments in 2012 were unprecedented and bench-marking events for the Association and the surety industry.

NASBP seized the opportunity to craft language for a federal bill, H.R. 3534, “The Security in Bonding Act,” that ensures that individual sureties pledge real and adequate assets on bonds. The bill’s introduction in Congress, was a first-time event for the Association, as well as NASBP’s CEO testifying twice before U.S. Congressional hearings in support of H.R. 3534 and the bill passing in the House of Representatives. Also, NASBP had the opportunity to testify before the U.S. Senate Committee on Small Business and Entrepreneurship on matters with respect to the U.S. SBA Bond Guarantee Program.

Additional extraordinary events this year included NASBP testifying twice before the Maryland General Assembly that eventually lead to the Governor signing into law legislation that establishes that individual sureties writing bonds on private construction contracts without a certificate of authority are engaging in a fraudulent insurance act…