Amendment to Regulations Governing the Filing of Proof of Financial Responsibility

Résumé

The Federal Maritime Commission ("FMC" or "Commission") amends its regulations governing proof of financial responsibility for ocean transportation intermediaries ("OTIs") required to be filed prior to commencement of OTI services. The amendment reduces the amount of time an applicant has to file the requisite proof of financial responsibility from two years to 120 days, after approval of the applicant's license application. Upon expiration of the 120-day time period, if valid proof of financial responsibility has not been provided by the applicant, its OTI application will be considered invalid. Applications approved prior to the effective date of this Final Rule will continue to be subject to the two-year time period to submit valid proof of financial responsibility.