{"data":{"id":"us/29-cfr-2580.412-24","jurisdiction":"us","citation":"29 CFR 2580.412-24","heading":"-24 Conditions of exemption.","body":"(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).\n(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.\n(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.","path":["Title 29—Labor","Subtitle B—Regulations Relating to Labor","CHAPTER XXV—EMPLOYEE BENEFITS SECURITY ADMINISTRATION, DEPARTMENT OF LABOR","SUBCHAPTER I—TEMPORARY BONDING RULES UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974","PART 2580—TEMPORARY BONDING RULES","Subpart F—Exemptions"],"source_url":"https://www.ecfr.gov/api/versioner/v1/full/2026-08-25/title-29.xml","current_through":"2026-08-25","vintage":"","retrieved_at":"2026-08-27T02:25:20Z","sha256":"64fac2db657b0cffcab4500d172ba4eac9a24a0ab61af7f23fe2c83f8f881e01","source_id":"us-cfr","stale":true,"prev":"us/29-cfr-2580.412-23","next":"us/29-cfr-2580.412-25"},"notice":"GroundRules: Original legal text. Not legal advice."}