The Federal Motor Carrier Safety Administration (FMCSA) has withdrawn its November 28, 2014 advance notice of proposed rulemaking (ANPRM) increasing financial responsibility for motor carriers, freight forwarders, and brokers. FMCSA is authorized to establish minimum levels of financial responsibility for motor carriers at or above the minimum levels set by Congress.
The 2014 ANPRM arose from a study ordered by Congress in response to the increasing costs of truck-related crashes. In April of 2014, FMCSA reported to Congress that current financial responsibility minimums for the commercial motor vehicle industry were inadequate to meet the costs of some crashes. Congress considered raising the insurance minimum for general freight from $750,000 to $1 million, but decided to have FMCSA prepare an analysis that could become the basis for changes in the standard. The last minimum adjustment was in 1985, which set the current standard of $750,000 for general freight, $5 million for the most dangerous hazmat freight and $1 million for other hazmat freight.