Iowa Admin. Code r. 761-524.8 - Self-insurance for motor carriers of passengers
(1)
Applications for
self-insurance. A motor carrier of passengers with more than 25 motor
vehicles may request self-insurance by submitting a written request to the
vehicle and motor carrier services bureau. The written request shall include a
copy of the most recent audited financial statement and a vehicle
list.
(2)
Review by the
department. The department may request additional information. The
department shall deny the request to self-insure or suspend existing approval
if the motor carrier fails to meet the self-insurance standard. Approval of
self-insurance is continuous. However, the motor carrier shall annually file
audited financial statements with the vehicle and motor carrier services bureau
within 60 days after the end of the motor carrier's fiscal year.
(3)
Cancellation of self-insurance
approval The department may cancel approval of self-insurance on
reasonable grounds. Reasonable grounds include, but are not limited to, the
following: failure to pay a final judgment within 30 days or failure to file an
annual, audited financial statement. The department shall give five days'
notice to the motor carrier prior to any hearing to cancel approval of
self-insurance.
Notes
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