Surety Association Of America
What Does Surety Association Of America Mean?
The Surety Association of America is a trade association comprising companies that collectively write a significant portion of surety and fidelity bonds in the U.S. The name was changed to the Surety & Fidelity Association of America (SFAA) on May 18, 2006. The bonds it issues promote economic development and facilitate commerce. Additionally, they protect taxpayers, businesses, and consumers by:
- Assuring the payment of contractors,
- Ensuring compliance with relevant state laws,
- Protecting against breaches of fiduciary responsibilities, and
- Guaranteeing the completion of various construction projects, such as schools, roads, hospitals, and more.
Insuranceopedia Explains Surety Association Of America
The Surety & Fidelity Association of America functions as a rating and advisory organization in all states. Additionally, many state insurance departments designate the association as a statistical agent to report on fidelity and surety experiences.
One of the primary responsibilities of the SFAA is to represent its member companies in matters of common interest before federal, state, and local governmental agencies. Its departments typically handle:
- Underwriting of surety and fidelity bonds,
- Statistical information,
- Publications,
- Regulatory filings,
- Government affairs, and
- Membership.
