Financial responsibility essentially refers to auto insurance, or the ability of drivers to pay for damages in the event of an accident. The FR Glossary of Terms provides technical descriptions for a variety of common terms.
AAMVA established the Financial Responsibility and Insurance (FRI) Discipline to deal with issues surrounding the detection, reporting and control of financially irresponsible drivers / vehicle owners.
Issues
AAMVA and its members address a number of issues such as:
- The administration of existing FRI laws.
- The need for consumer protection, consumer awareness, and public education.
- The uniformity between jurisdictions regarding FRI requirements, implementation, and statistical reporting.
- The need to provide service to the public through better response time, improved timeliness and accuracy of information used to determine FRI compliance.
- The cost of effective and efficient programs as viewed by the jurisdictions, industry, and public.
- The lack of effective jurisdictional programs by other jurisdictions, industry, and the public.
- The need to address requirements of FRI filings in jurisdictions other than a driver’s home jurisdiction
AAMVA has several policies on financial responsibility.