OMB Clears Insurance Proposal
The White House Office of Management and Budget has cleared a truck insurance notice for publication.The document, officially an Advanced Notice of Proposed Rulemaking, will spell out proposed changes in minimum insurance requirements by the Federal Motor Carrier Safety Administration.
The White House Office of Management and Budget has cleared a truck insurance notice for publication.
The document, officially an Advanced Notice of Proposed Rulemaking, will spell out proposed changes in minimum insurance requirements by the Federal Motor Carrier Safety Administration.
Typically, publication of such notices quickly follow OMB clearance, although the process could take longer if OMB wants the agency to make any changes in its proposal.
The agency is acting under instructions from Congress, which in 2012 passed a law requiring the proceeding.
The insurance minimums of $750,000 for general freight, $5 million for the most dangerous hazmats and $1 million for other hazmats were set in 1985 and have not been adjusted since.
The agency says that change is overdue. Its proposal will ask for comments on what the new minimums should be.
The rulemaking process will likely take more than a year. The agency will take comments on this advanced notice and then complete the research it needs to craft a proposal. That proposal will have to go through the same notice-and-comment process before the agency can post a final rule.
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