National No-Fault Motor Vehicle Insurance Act

Summary

National No-Fault Motor Vehicle Insurance Act - Prohibits any person from operating any motor vehicle upon a public street or road unless (1) such vehicle is insured under a qualifying no-fault policy pursuant to regulations prescribed by the Secretary of Transportation or (2) such person provides a security bond, proof of qualifications as a self insurer, or other security equivalent to that afforded under a qualifying no-fault policy. Prohibits any State from requiring any insurance inconsistent with a qualifying no-fault policy. Imposes penalties for knowingly violating such requirements. Specifies all motor vehicle items of coverage to be included in insurance policies, eligibility requirements for such coverage, and restrictions with respect to cancellation of such coverage. Establishes the statute of limitations for bringing suit for compensation for damages other than economic loss at four years from the date of the accident or one year after the last payment for economic loss, whichever is shorter. Allows insurers to provide additional coverages and benefits not inconsistent with the requirements of this Act. Requires the Secretary of Transportation to promulgate a uniform statistical plan for the allocation and compilation of claims and loss experience data, such plan to be followed by every insurer writing qualifying no-fault policies and by every rating or advisory organization or statistical agent. Requires the Secretary to organize an assigned claims bureau and assigned claims plan in each State, the cost for which shall be assessed against insurers in each State by the appropriate State insurance supervisory authority. Forbids any insurer to write any qualifying no-fault policy unless the insurer participates in the assigned claims bureau in each State in which it writes such policies. Establishes standards by which a claimant may obtain benefits under the assigned claims plan. Allows the award of reasonable attorney's fees to any person making a claim under a qualifying no-fault policy.

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1 official file

• Introduced in House

  summary · EN · 24 January 1977

  Open at official source

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