Transportation
NYC Scraps ‘Solvent’ Requirement in Revised Taxi Insurance Rules
- Taxi regulator tweaks proposal after feedback from Uber, ATIC
- Commission to vote this week on rules planned for 2026
A customer exits a taxi outside Penn Station in New York.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
New York City is walking back a proposed rule change that would have required taxi and rideshare drivers to be covered by a “solvent and responsible” insurance carrier, after Uber Technologies Inc. warned the mandate risked leaving thousands of drivers uninsured.
The Taxi and Limousine Commission, or TLC, which regulates for-hire cars in the city, will only require that the policies be “issued by companies authorized to do business” in New York state, removing the need for licensed vehicle owners “to determine their carrier’s financial status,” according to a revised rule document posted on the agency’s website.