CFR > Title 30 - Mineral Resources > CHAPTER II—MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR > SUBCHAPTER B—OFFSHORE (parts 250 to 285) > PART 253—OIL SPILL FINANCIAL RESPONSIBILITY FOR OFFSHORE FACILITIES > SUBPART C—Methods for Demonstrating OSFR (§253.20 to §253.32) > 253.31—How can I use a surety bond as OSFR evidence?

253.31—How can I use a surety bond as OSFR evidence?

(a) Each bonding company that issues a surety bond that you submit to MMS as OSFR evidence must:
(1) Be licensed to do business in the State in which the surety bond is executed;
(2) Be certified by the U.S. Treasury Department as an acceptable surety for Federal obligations and listed in the current Treasury Circular No. 570;
(3) Provide the surety bond on Form MMS-1020; and
(4) Be in compliance with applicable statutes regulating surety company participation in insurance-type risks.
(b) A surety bond that you submit as OSFR evidence must include all the information required by § 253.41.