§ 140.14 - Types of financial protection.  


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  • § 140.14 Types of financial protection.

    (a) The amounts of financial protection required under this part may be furnished and maintained in the form of:

    (1) An effective policy of liability insurance from private sources; or

    (2) Adequate resources to provide the financial protection required by §§ 140.11, 140.12; 140.13 or § 140.13a; or

    (3) Such other type of financial protection as the Commission may approve; or

    (4) Any combination of the foregoing.

    (b) In any case where the Commission has approved proof of financial protection filed by a licensee the licensee shall not substitute one type of financial protection for another type without first obtaining the written approval of the Commission.

    [25 FR 2944, Apr. 7, 1960, as amended at 42 FR 49, Jan. 3, 1977]