30 Tex. Admin. Code § 37.511 - Surety Bond Guaranteeing Payment for Liability
(a) An owner or operator may satisfy the
requirements of financial assurance for liability as specified in Subchapter E
of this chapter (relating to Financial Assurance Requirements for Liability
Coverage) by obtaining a surety bond which conforms to the requirements of this
section, in addition to the requirements specified in Subchapter A of this
chapter (relating to General Financial Assurance Requirements), and submitting
a signed duplicate original of the bond to the executive director.
(b) The surety company issuing the bond shall
be among those listed as acceptable sureties on Federal bonds in the most
recent Circular 570 of the United States Department of the Treasury.
(c) The wording of the surety bond must be
identical to the wording specified in §
37.611 of this title (relating to
Payment Bond for Liability).
(d) A
surety bond may be used to satisfy the requirements of Subchapter E of this
chapter only if the Attorneys General or Insurance Commissioners of the state
in which the surety is incorporated, and the State of Texas have submitted a
written statement to the executive director that a surety bond executed as
described in this subchapter and §
37.611 of this title is a legally
valid and enforceable obligation in that state.
Notes
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