Sec. 3. Liability insurance and financial responsibility requirements
189 words·~1 min read·
/bill/114/s/1297/rs/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
It is the sense of Congress that it is in the public interest to update the methodology used to calculate the maximum probable loss from claims under section 50914 of title 51, United States Code, with a validated risk profile approach in order to consistently compute valid and reasonable maximum probable loss values. Not later than September 30, 2015, the Secretary of Transportation, in consultation with the commercial space sector and insurance providers, shall— evaluate and, if necessary, develop a plan to update the methodology used to calculate the maximum probable loss from claims under section 50914 of title 51, United States Code; in evaluating or developing a plan under paragraph (1)— ensure that the Federal Government is not exposed to greater costs than intended and that launch companies are not required to purchase more insurance coverage than necessary; and consider the impact of the cost to both the industry and the Government of implementing an updated methodology; and submit the evaluation, and any plan, to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Science, Space, and Technology of the House of Representatives.