Articles featured in the Surety Bonds Insider often cite the National Association of Surety Bond Producers (NASBP) as source for valuable surety information. Unfortunately, a number of business owners, entrepreneurs and other bonded professionals might not know much about the organization.
The NASBP was founded in 1942 as a way for surety producers to come together and share industry information. The association currently has more than 5,000 members who work as surety agents or producers.
The NASBP advocates for legal changes that benefit both surety producers and their consumers. The association follows legislative sessions closely to monitor the ever changing laws that regulate the surety bond industry. To help invested parties keep track of legal changes, the NASBP publishes weekly newsletters that members can receive via e-mail.
Surety Bond Education
The NASBP publishes a number of invaluable resources to increase both producer and principal surety bond education. The association’s Commercial Surety Fundamentals guide provides an in-depth look into the commercial surety market.
The association also organizes a number of events, including workshops, seminars, regional meetings and national conferences through which surety professionals can come together to discuss various aspects of the industry. The NASBP’s virtual seminars focus on timely, critical topics that are of broad interest to the industry.
The NASBP has also partnered with the Surety and Fidelity Association of America (SFAA) to maintain the Surety Information Office (SIO), which functions as a comprehensive resource on surety bonds in the construction industry.
The NASBP offers three tiers of membership. According its website:
- Membership is open to firms that regularly are engaged on a commission basis as agent-producer or broker of surety bonds; represent two or more surety companies that are admitted to conduct surety business in at least one state of the United States of America; affirm their commitment to the NASBP Code of Ethics; and sign the NASBP Membership Affidavit
- Affiliate status is open to surety companies and reinsurance companies admitted to conduct surety business in at least one state of the United States of America; managing general agents for surety companies admitted in at least one state of the United States of America; agent-producer or broker of reinsurance regularly engage on a commission basis; and sign the NASBP Membership Affidavit
- Associate status is open to partnerships, corporations, companies, and other business entities that provide accounting services to regular members or affiliates or their clients; affirm their commitment to the Mission of the Association; and sign the NASBP Membership Affidavit
SuretyBonds.com is not only a NASBP member, but also a member of its prestigious Commercial Surety Committee that develops educational resources for surety professionals.