Optional rider for proof of additional NVOCC financial responsibility

The Federal Maritime Commission (FMC) issued a Notice of Proposed Rulemaking (NPRM) that would, if adopted, provide for an optional rider for proof of additional financial responsibility for non-vessel-operating common carriers (NVOCCs). This rulemaking was undertaken at the request of the National Customs Brokers and Forwarders Association of America (NCBFAA) in order to accommodate a new requirement of the Chinese government that NVOCCs operating in that country maintain financial responsibility in a different manner than currently provided for in the United States. Comments on the proposal should be submitted by February 20, 2004. (Source: HK Law)