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I <br />DEPARTMENT OF THE TREASURY <br />f OF <br />00 • 1 <br />/ <br />Lawrence B. Taylor, President <br />Merchants National Bonding, Inc. <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 <br />calendar year, the following underwriting limitation has been established, effective July 1, 2018, under the <br />renewed Certificate: <br />POLICYHOLDERS' SURPLUS at December 31, 2017 ............... $15,573,536 <br />UNDERWRITING LIMITATION.................................................... $1,557,000 <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 <br />Treasury's guidelines. This practice facilitates the review work and should not be interpreted as changing <br />or nullifying applicable Treasury requirements. <br />The list of approved sureties (Circular 570) is available on our website at <br />tltt s / ww f'i cal a ul +.rtoylt r c rm ire is rr t o3nd/c 70-z.htm. Please disseminate this information <br />to your associates, agents, reinsurers and even Government agencies whenever possible. <br />If you wish to comment on the underwriting limitation established, please contact Terry Nisewarner at <br />304-480-6961, immediately. <br />Sincerely, <br />Digitally signed by Melvin H. <br />Melvin H. Saunders Saunders <br />Date: 2018.07.12 11,59:57-04'00' <br />Melvin Saunders <br />Manager <br />Surety Bond Branch <br />SURETY BOND BRANCH — 6505 BELCREST RD — RM. 345 <br />HYATTSVILLE, MD 20782 — FAX: (202) 874-9978 <br />INTERNETADDRESStlpYss.4lwawwwi;tiBlr.TLt49rtCT13L9q??�ttr'y Narrcr�ehm„?,:! <br />