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0 DEPARTMENT OF THE TREASURY <br />BUREAU OF THE FISCAL SERVICE <br />WASHINGTON, DC 20227 <br />Lawrence B. Taylor, President <br />Merchants Bonding Company (Mutual) <br />P.O. Box 14498 <br />Des Moines, IA 50306 - 3498 <br />Dear Lawrence B. Taylor: <br />Your Company's Certificate of Authority to qualify as an acceptable surety and/or reinsurer on Federal <br />bonds is hereby renewed and will remain in effect until June 30, 2019, unless revoked prior to that date. <br />On the basis of our review of the Company's Annual Financial Statement as of the close of the last calendar <br />year, the following underwriting limitation has been established, effective July 1, 2018, under the renewed <br />Certificate: <br />POLICYHOLDERS' SURPLUS at December 31, 2017 ............. $121,193,842 <br />DEDUCTIONS (See Attached) .................................................... 12,066,055 <br />ADJUSTED POLICYHOLDERS' SURPLUS ............................. $112,127 787 <br />UNDERWRITING LIMITATION ............................................... $11,213,000 <br />We are following the practice of making no deductions from policyholders' surplus reported where the <br />amount of adjustment (e.g., for unauthorized reinsurance, inadequate loss reserves, etc.) would have a <br />nominal effect on the surplus and where it has been determined that the Company is solvent per Treasury's <br />guidelines. This practice facilitates the review work and should not be interpreted as changing or nullifying <br />applicable Treasury requirements. <br />The list of approved sureties (Circular 570) is available on our website at <br />htt s://www. scal.trea u . ov/fsrc orts/ref/ ure d/c570 a-z.htm. Please disseminate this information <br />to your associates, agents, reinsurers and even Government agencies whenever possible. <br />If you have any questions regarding the above information, please contact Bobbi Sue Liston at 304-480- <br />7098, immediately. <br />Enclosure <br />Sincerely, <br />Digitally signed by McMn H. <br />Melvin H. Saunders aundets, <br />V Po ie:2015.06.1408;22:45-04'00' <br />Melvin Saunders <br />Manager <br />Surety Bond Branch <br />SURETY BOND BRANCH — 6505 BELCREST RD -- RM. 345 <br />HYAT't'SVILLE, MD 20782 — FAX: (202) 874-9978 <br />INTERNET ADDRESS I mt L/,�vw,+,^ .Esc�l.t�csus ry r}a r III <br />