§ 62-268. Security for protection of public; liability insurance. - North Carolina Statutes

§ 62‑268.  Securityfor protection of public; liability insurance.

No certificate or broker's license shall be issued or remain in forceuntil the applicant shall have procured and filed with the Division of MotorVehicles such security bond, insurance or self‑insurance for theprotection of the public as the Commission shall by regulation require. TheCommission shall require that every motor carrier for which a certificate orlicense is required by the provisions of this Chapter, shall maintain liabilityinsurance or satisfactory surety of at least fifty thousand dollars ($50,000)because of bodily injury to or death of one person in any one accident and,subject to said limit for one person, one hundred thousand dollars ($100,000)because of bodily injury to or death of two or more persons in any oneaccident, and fifty thousand dollars ($50,000) because of injury to ordestruction of property of others in any one accident; and the Commission mayrequire any greater amount of insurance as may be necessary for the protectionof the public. Notwithstanding any rule or regulation to the contrary, theCommission shall not require that any insurance procured and filed be providedin any single policy of insurance or through a single insurer, if the insurersinvolved are otherwise qualified. A motor carrier may satisfy the requirementsof the Commission by procuring insurance with coverage and limits of liabilityrequired by the Commission in one or more policies of insurance issued by oneor more insurers.

Notwithstanding any other provisions of this section or Chapter, buscompanies shall file with the Commission proof of financial responsibility inthe form of bonds, policies of insurance, or shall qualify as a self insurer,with minimum levels of financial responsibility as prescribed for motorcarriers of passengers pursuant to the provisions of 49 U.S.C. § 31138.Provided, further, that no bus company operating solely within the State ofNorth Carolina and which is exempt from regulation under the provisions of G.S.62‑260(a)(7) shall be required to file with the Commission proof of thefinancial responsibility in excess of one million five hundred thousand dollars($1,500,000). (1947, c. 1008, s.19; 1949, c. 1132, s. 19; 1963, c. 1165, s. 1; 1973, c. 1206; 1977, c. 920;1985, c. 454, s. 14; c. 676, s. 22; 1987, c. 374; 1995, c. 523, s. 22; 1998‑217,s. 8.)