The Surety & Fidelity Association of America (“SFAA”) is a non-profit corporation whose member companies collectively write the majority of surety and fidelity bonds in the United States. SFAA is a licensed rating or advisory organization in all states and is designated by state insurance departments as a statistical agent for the reporting of fidelity and surety experience. The vast majority of bonds that secure public construction projects are provided by SF AA members.
The National Association of Surety Bond Producers (“NASBP”) is a national trade association of companies employing licensed surety bond producers, including licensed resident and nonresident producers placing bid, performance, and payment bonds in the State of Maryland and all jurisdictions.
We have learned that the Maryland Transit Administration (“MTA”) is requiring that signatures on the power of attorney accompanying the performance and payment bonds for the captioned project be “wet” signatures. We were told that this requirement is on account of a new policy established by your office.
NASBP Letter Addressing Locality Requirements in VA Bid Bond