(a) This exemption obtains only with respect to the requirement of
section 13(a) of the Act that all bonds required thereunder shall have as surety thereon, a corporate surety company, which is an acceptable surety on Federal bonds under authority granted by the Secretary of the Treasury pursuant to the Act of July 30, 1947 (
6 U.S.C. 6-13).
(b) The exemption is granted upon the condition that if for any reason the authority of any such company to act as an acceptable reinsuring company is terminated, the administrator of a plan insured with such company, shall, upon knowledge of such fact, be responsible for securing a new bond with a company acceptable under the Act and the exemptions issued thereunder.
(c) In obtaining or renewing a bond, the plan administrator shall ascertain that the surety is one which satisfies the requirements of the Act and the exemptions thereunder. If the bond is for a term of more than one year, the plan administrator, at the beginning of each reporting year, shall ascertain that the surety continues to do so.
29 C.F.R. § 2580.412-24 — Conditions of exemption. · eCFR amendment effective 2017-01-01 · https://pensionresource.website/EAMain?content=EAMain.Law&id=cfr29-2580.412-24 · printed Oct 16, 2026