Current through Register Vol. 39, No. 6, September 16, 2024
(a)
Contents. - A motor carrier seeking authority to become a self-insurer will be
required to satisfy the Commission that it is in such financial condition as to
be able to pay personal injury and property damage claims, within the limits of
the self-insurance proposed, without seriously affecting its financial
stability or its continued service to the public. The petition for such
authority must be verified, filed in triplicate, and set forth, among other
things:
(1) The correct name and post office
address of the motor carrier seeking authority to become a self-insurer, and if
not a corporation, and not an individual who is the sole owner of the business,
the correct name and post office address of each person owning an interest in
the business must be given.
(2) A
brief history of the carrier's operations, giving the length of time the
business has been operated under the present management, the number of
over-the-road buses or trucks, or other units of rolling equipment used in the
operation in North Carolina, the approximate bus-miles or truck-miles operated
within the State during the last 12 months for which figures are
available.
(3) A statement showing
the amount of insurance premiums paid during each year for a period of three
years next preceding the filing of the application and the actual amount paid
each year during said period by the applicant and the applicant's insurance
carrier in settlement of personal injury and property damage claims.
(4) The amount in which the applicant
proposes to become a self-insurer, and if less than the Commission's minimum
insurance requirements as provided in Rule R2-36, the amount of excess
insurance applicant proposes to carry.
(5) The plans applicant now has in effect, or
proposes to put into effect if permitted to become a self-insurer, for
investigating personal injury and property damage claims arising out of the
operation and its plans for making available funds for the settlement of such
claims.
(6) Balance sheet, and
income and profit and loss statement for the latest available period.
(b) Hearing. - The Commission may
approve an application for permission to become a self-insurer without a
hearing, but only upon an application which fully warrants it in finding that
the applicant is qualified to become a self-insurer to the limits set out in
the application.
NCUC Docket No. M-100,
Sub 40, 6/29/71.
