Page:United States Statutes at Large Volume 72 Part 1.djvu/995

 72 S T A T. ]

PUBLIC LAW 86-792-AUG. 28, 1968

the operation of any passenger motor vehicle for hire required to be insured or bonded under this Act unless the Superintendent shall find that the management of such company is capable, by experience or otherwise, of conducting such business in the public interest and unless such insurance company or corporate surety shall possess a certificate of approval issued by the Superintendent for such business. Every such insurance company or corporate surety, whether or not it shall be a mutual company, shall have and shall at all times maintain reserves for losses, unearned premiums, and all other liabilities as will meet the requirements of any regulation issued by the Superintendent applicable to such company or such classifications of companies. The Superintendent is empowered to make reasonable rules and regulations governing the writing of such insurance, and the making of such bonds, and the business of insuring or bonding such risks, including the expenses of management, administration, and acquisition of business and the rates to be charged. "(c) The Superintendent is authorized and empowered, after hearing, to withdraw his certificate of approval of the business of insuring or bonding taxicab risks of any insurance company or corporate surety violating any provision of this Act or the rules and regulations promulgated hereunder. "(d) No bond or policy of insurance required by this Act may be canceled unless not less than twenty days prior to such cancellation or termination, notice of intention so to do has been filed in writing with the Commission, unless such cancellation is for nonpayment of premiums, in which event five days' notice as above provided shall be given. "SEC. 3. I t shall be unlawful to operate any vehicle subject to the provisions of this Act unless such vehicle shall be covered by an approved bond or policy of liability insurance as provided in this Act. "SEC. 4. The Commission is empowered to make all reasonable rules and regulations which, in its opinion, are necessary to make effective the purposes of this Act. "SEC. 5. (a) Any owner of a public vehicle required by this Act to file a bond or policy of insurance may, in lieu thereof— "(1) file with the Commission a blanket bond or a blanket policy of liability insurance, in an amount to be approved by the Commission, but not to exceed $75,000, conditioned as required by this Act, and covering all vehicles lawfully displaying the trade name or identifying design of any individual, association, company or corporation; or "(2) create and maintain a sinking fund in such amount as the Commission may require, but not to exceed $75,000, and deposit the same, in trust, for the payment of any judgment recovered against such owner, as provided in this Act, with such person, official, or corporation as the Commission shall designate. Such sinking fund shall not be created unless the Commission is satisfied that such owner is possessed and will continue to be possessed of financial ability to pay judgments obtained against such owner. If such a fund has been created, the Commission shall have authority to require whatever evidence of such owner's financial status may be necessary to satisfy the Commission that such owner is possessed and will continue to be possessed of financial ability to pay judgments obtained against such owner, and may at such time or times as, in its discretion, may be necessary, require such owner to submit in affidavit form detailed information from which such ability may be determined. When upon not less than five days' notice and a hearing pursuant to such notice (unless the right to such hearing is waived in writing by such owner) the Commission

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W i t h d r a w a l of certificate of approval.

Rules and regulations.

Blanket bond or policy.

Sinking fund.

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