30 CFR 550.1490 - What standards must my BOEM-specified surety instrument meet?
(a) A BOEM-specified surety instrument must be in a form specified in BOEM instructions. BOEM will give you written information and standard forms for BOEM-specified surety instrument requirements.
(b) BOEM will use a bank-rating service to determine whether a financial institution has an acceptable rating to provide a surety instrument adequate to indemnify the lessor from loss or damage.
(1) Administrative appeal bonds must be issued by a qualified surety company which the Department of the Treasury has approved.
(2) Irrevocable letters of credit or certificates of deposit must be from a financial institution acceptable to BOEM with a minimum 1-year period of coverage subject to automatic renewal up to 5 years.
- 30 CFR 550.1455 — Does My Request for a Hearing on the Record Affect the Penalties?
- 30 CFR 550.1496 — How Will BOEM Determine if I Am Financially Solvent?
- 30 CFR 550.1463 — Does My Request for a Hearing on the Record Affect the Penalties?
- 30 CFR 550.1497 — When Will BOEM Monitor My Financial Solvency?