|(a) An owner or operator may satisfy the requirements of financial
assurance for liability as specified in Subchapter E of this chapter (relating
to Financial Assurance Requirements for Liability Coverage) by obtaining a
surety bond which conforms to the requirements of this section, in addition
to the requirements specified in Subchapter A of this chapter (relating to
General Financial Assurance Requirements), and submitting a signed duplicate
original of the bond to the executive director.
(b) The surety company issuing the bond shall be among those
listed as acceptable sureties on Federal bonds in the most recent Circular
570 of the United States Department of the Treasury.
(c) The wording of the surety bond must be identical to the
wording specified in §37.611 of this title (relating to Payment Bond
(d) A surety bond may be used to satisfy the requirements of
Subchapter E of this chapter only if the Attorneys General or Insurance Commissioners
of the state in which the surety is incorporated, and the State of Texas have
submitted a written statement to the executive director that a surety bond
executed as described in this subchapter and §37.611 of this title is
a legally valid and enforceable obligation in that state.