The FMCSA has officially withdrawn a proposal that would have drastically increased the amount of minimum insurance coverage that is required for commercial vehicle carriers.
OOIDA: Insurance Minimum Increase Would Put Smaller Trucking Companies Out of Business
In 2014, the FMCSA advanced a proposal that could require commercial motor carriers to increase their minimum insurance coverage from $750,000 to $4 million. The Owner-Operator Independent Driver Association spoke out loudly against the proposed rule, arguing that it would put small, family-owned trucking companies out of business.
OOIDA also showed that 99% of crash damage is already covered under the current minimum insurance requirement.
From a document to be published in the Federal Register:
“After reviewing all public comments to the ANPRM, FMCSA has determined that it has insufficient data or information to support moving forward with a rulemaking proposal, at this time.”
In a press release issued by OOIDA today, the association remarked that it is significant that the FMCSA officially withdrew the proposal because they normally simply leave a docket open when they abandon a proposed rule.