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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) .................................................... V- &k6 .0 51 <br />ADJUSTED POLICYHOLDERS'SURPLUS ............................. $112,1272787 <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 />btjps://www,fiscal.treasurv,govtfsLQgrt,.V-rsfl�gre!yBnd/c5lO 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 />Digita lly signed by Melvin H. <br />Melvin H. Saunders,�Iaunders <br />,( /' 107ae: 2018,06,14 08:22:45 -04'00' <br />Melvin Saunders <br />Manager <br />Surety Bond Branch <br />SURETY BOND BRANCH — 650S BELCREST RD — RM. 345 <br />HYATTSVILLE. MD 20782 — FAX: (202) 874-9978 <br />INTERNET ADDRESS <br />