Several high-profile crashes involving trucks and large buses have been in the news recently with severe injuries and horrific damage. Since 2012, the Federal Motor Carrier Safety Administration (FMCSA) has been tasked with studying the situation and recommending changes to the financial responsibility requirements for each category of carrier. In an April 2014 report to Congress, FMCSA concluded that the current insurance minimums are inadequate to cover the actual costs of some crashes.

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In preparation for developing its recommendations, FMCSA announced on Nov. 28 that it is planning to propose new regulations that would increase the minimum levels of financial responsibility for motor carriers, including liability coverage for bodily injury or property damage. The proposed regulations also would establish financial responsibility requirements for passenger carrier brokers; implement financial responsibility requirements for brokers and freight forwarders; and revise existing rules concerning self-insurance and trip insurance.