On Dec. 3, US Treasury issued surety, reinsurance firm fee schedule.
US Treasury issued notice on increased fees for surety and reinsuring companies.
Adds renewal fees for complementary and alien reinsurers and admitted reinsurer - reinsurance market companies; increases existing fees for surety/reinsuring companies
Overview
Pursuant to 31 CFR 223.22, the US Treasury imposes fees on surety companies and reinsuring companies who are seeking to obtain or renew certification or recognition.
Fees cover the costs incurred by the government for services performed reviewing, analyzing, evaluating companies' applications, financial statements, other information.
Change in fees is result of analysis of costs associated with the surety bond program.
Fee Rate Schedule
Examination of a company's application for a certificate of authority will be $1313,600.
Determination of a company's continued qualification for annual renewal will be $8,800
Review of a company's application for recognition as an admitted reinsurer is $55,000.
Annual determination of a company's eligibility for reinsurer authority renewal $3,500.
The determination of a company's continued qualification for the annual renewal of its authority as an admitted reinsurer - reinsurance market will be set at $17,500.
Examination of a company's application for recognition as an alien reinsurer: $55,000.
Determination of continued qualification for annual renewal as alien reinsurer: $3,500.
Examination of application for recognition as a complementary reinsurer is $55,000.
Continued qualification for annual renewal of complementary reinsurer will be $3,500.
Effectiveness
Surety company and reinsuring company fee schedule becomes effective Jan. 1, 2025.
Dec. 9, 2024 US Treasury Corrections
On Dec. 9, 2024, US Treasury issued corrections to errors in notice on increased fees.
Examination of a company's application for a certificate of authority will be $13,600, examination of a company's application for recognition admitted reinsurer is $5,000.
The examination of company's application for recognition as alien reinsurer is $5,000, examination of application for recognition as complementary reinsurer will be $5,000.
Surety, reinsuring company fee schedule effectiveness unchanged at Jan. 1, 2025.
