19A NCAC 03E .0522      EVIDENCE OF LIABILITY SECURITY

(a)  All interstate exempt motor carriers shall keep in force at all times public liability and property damage insurance in amounts not less than the minimum limits prescribed by the United States Department of Transportation. There shall be filed with the Division a Form E (Uniform Motor Carrier Bodily Injury and Property Damage Liability Certificate of Insurance).

(b)  Notice of cancellation of insurance shall be given to the Division by the insurer by filing Form K (Uniform Notice of Cancellation of Motor Carrier Insurance Policies).

(c)  Such motor carriers who elect to post bond in lieu of insurance shall do so by filing Form G (Uniform Motor Carrier Bodily Injury and Property Damage Liability Surety Bond).  Notice of cancellation of surety bond shall be given to the Division by filing Form L (Uniform Notice of Cancellation of Motor Carrier Surety Bond).

(d)  No such policy or bond shall be acceptable unless issued by an admitted company or a surplus lines company as permitted in G.S. 58‑16-1 and 58-21-20.  Provided, if the motor carrier is not registered in this state and the insurance company or surety company is a non‑admitted company, the company shall execute a power of attorney authorizing the commissioner to accept service on its behalf of notice or process in any action upon the policy or bond arising out of an accident involving the motor carrier in this state.  Further, the company shall be qualified in the state where the motor carrier is registered.

 

History Note:        Filed as a Temporary Rule Eff. February 11, 1986 for a period of 120 days to expire on

June 11, 1986;

Authority G.S. 20‑378;

Eff. April 1, 1986;

Amended Eff. January 1, 1994; November 1, 1991;

Transferred and Recodified from 19A NCAC 03D .0824 Eff. January 3, 1996;

Amended Eff. April 30, 1997.