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SFAA Persuades Florida Agency to Drop A+ Surety Requirements in Financial Assurance Regulations

Tuesday, January 23, 2018  
SFAA Persuades Florida Agency to Drop A+ Surety Requirements in Financial Assurance Regulations 

The Florida Department of Environmental Protection (Department) agreed to remove a provision in its revised financial assurance regulations for mitigation banks that would have required the sureties issuing bonds to have an "A+" rating from A.M. Best. To make the bond more widely available, SFAA recommended that the surety should only be subject to licensure by the insurance department, and that if the Department includes a rating requirement, a minimum “A-” rating would be sufficient. The Department agreed to the “A-” rating requirement. The existing regulations currently require an “A” rating.

Members should visit Government Relations / General Info (Members) for more information.



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