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Georgia Pharmacy Benefit Managers Must Post Surety Bond

by Surety Admin 5. September 2010 03:50
Georgia SB 310 requires pharmacy benefit managers to be licensed and post a $100,000 surety bond from a corporate surety insurer authorized to transact insurance in the State. Sureties may cancel the bond with 30 days advance written notice. The other terms of the bond will be determined by regulations. A minimum $250,000 errors and omissions insurance policy or “other appropriate liability insurance” also is required. The new law becomes effective on January 15, 2011.
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Georgia Energy Providers Surety Bond Requirements

by Surety Admin 5. September 2010 03:47
Georgia SB 194 requires energy service providers on contracts with governmental units to provide an “energy savings guarantee bond,” a bank letter of credit, escrowed funds, a corporate guarantee from a corporation with an investment grade credit rating, or other surety instrument that the agency finds acceptable. The bond or other security must be equal to the value of the project’s annual savings or revenue gains. ENACTED: 06/03/2010
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Georgia Self Insured Workers Compensation Plan Deposit Increases

by Surety Admin 5. September 2010 03:44
Georgia HB 1101 increases the minimum amount of the security deposit required for self-insured workers’ compensation plans from $100,000 to $250,000. The new law also requires the security to remain in place until all claims under the plan have been closed, the self-insurer no longer is active and all applicable statutes of limitation have run out. Prior law provided that the State Board of Workers’ Compensation determined whether a deposit must remain in place. ENACTED: 05/20/2010
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Florida Abandoned Vehicles At Airport Lein Holder Bond

by Surety Admin 5. September 2010 03:38
Florida HB 1271 provides for the removal of abandoned or derelict vehicles at public use airports. Owners or lienholders of such vehicles may file a complaint in court to determine that the vehicle was wrongfully removed. The owner or lien holder can post a surety bond or cash deposit with the filing. The bond or deposit must be in an amount equal to the fees for towing, storage, and parking; and it secures the payment of these fees if the owner or lien holder did not prevail in the complaint. The new law became effective on July 1, 2010. ENACTED: 06/04/2010
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