February 14, 2013
FMC Proposes NRAs for Foreign OTIs
In an open-session meeting held Feb. 13, the Federal Maritime Commission announced that the commissioners have approved the issuance of a Notice of Proposed Rulemaking (NPRM) allowing negotiated rate agreements for foreign OTIs.
Under the proposed rule, foreign OTIs will be able to enter into negotiated rate agreements (NRAs) in lieu of publishing rates. In order to enter into an NRA they will need to register with the FMC and provide slightly more information then what is currently required by the FMC-1. They will also need to renew their registrations every three years.
This NPRM will be issued with a 60 day comment period. It is important to note that the final rule may vary from the NPRM based on comments received from the public during the comment period. Avalon remains committed to providing the highest level of service to our clients and keeping you apprised of governmental changes affecting your business. We are the leading provider of insurance and surety products for logistics providers.Printable version Back to Quest News™