Opposition to HB 4769, which would amend the Illinois Public Construction Act to require sureties possess an “A” A.M. Best Rating

On behalf of the National Association of Surety Bond Producers (NASBP), a national trade association representing firms employing surety bond producers, including licensed resident and licensed nonresident agents placing contract surety bonds in Illinois, I am contacting you about your proposed amendment to Section 1 of 30 ILCS 550/1 which would require sureties on public construction projects to possess an “A” rating or better. This new more restrictive requirement has prompted us to express our concerns to you about the substantial impact they have on the construction community as a whole.

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