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DOT/FMCSA | RIN: 2126-AB74 | Publication ID: Fall 2014 |
Title: ● Financial Responsibility for Motor Carriers, Freight Forwarders, and Brokers | |
Abstract:
The FMCSA announces that it is considering a rulemaking to increase the minimum levels of financial responsibility for motor carriers, including liability coverage for bodily injury or property damage in the case of freight and passenger motor carriers. The legislative history of the Federal minimum insurance requirements strongly suggests that Congress recognized that crash costs would change and that DOT would regularly examine the levels and make adjustments as necessary. In completing the report Congress required under section 32104 of the Moving Ahead for Progress in the 21st Century Act (MAP-21), FMCSA has determined that the current financial responsibility minimums are inadequate to fully cover the costs of some crashes in light of increased medical costs and DOT's revised value of statistical life estimates. The FMCSA is also considering extending the financial responsibility requirements to private motor carriers, as authorized by section 4120 of the Safe, Accountable, Flexible, Efficient, Transportation Equity Act: A Legacy for Users (SAFETEA-LU). In addition, the Agency is considering financial responsibility requirements for passenger carrier brokers, implementation of certain MAP-21 provisions concerning broker and freight forwarder financial responsibility, revisions of the rules concerning self-insurance and trip insurance. |
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Agency: Department of Transportation(DOT) | Priority: Other Significant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Prerule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 49 CFR 387 | |
Legal Authority: 49 USC 31138 49 USC 31139 PL 112-141, sec 32104 PL 109-59, sec 4120 |
Legal Deadline:
None |
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Timetable:
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Regulatory Flexibility Analysis Required: Undetermined | Government Levels Affected: Undetermined |
Small Entities Affected: Businesses, Organizations | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Data Printed in the FR: No | |
Agency Contact: Sean Gallagher Department of Justice Bureau of Alcohol, Tobacco, Firearms, and Explosives 99 New York Avenue NE, Washington, DC 20226 Phone:202 648-7070 Email: sean.p.gallagher@usdoj.gov |