Iowa Admin. Code r. 761-524.8

Current through Register Vol. 47, No.14, January 8, 2025

Rule 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.

Iowa Admin. Code r. 761-524.8

Amended by IAB March 13, 2019/Volume XLI, Number 19, effective 4/17/2019

Amended by IAB June 3, 2020/Volume XLII, Number 25, effective 7/8/2020