14 C.F.R. § 450.5 General.
Title 14 - Aeronautics and Space
(a) No person shall commence or conduct reentry activities that require a license unless that person has obtained a license and fully demonstrated compliance with the financial responsibility and allocation of risk requirements set forth in this part. (b) The Office shall prescribe the amount of financial responsibility a licensee is required to obtain and any additions to or modifications of the amount in a license order issued concurrent with or subsequent to the issuance of a license. (c) Demonstration of financial responsibility under this part shall not relieve the licensee of ultimate responsibility for liability, loss, or damage sustained by the United States resulting from licensed reentry activities, except to the extent that: (1) Liability, loss, or damage sustained by the United States results from willful misconduct of the United States or its agents; (2) Covered claims of third parties for bodily injury or property damage arising out of any particular reentry exceed the amount of financial responsibility required under §450.9(c) of this part and do not exceed $1,500,000,000 (as adjusted for inflation occurring after January 1, 1989), above such amount, and are payable pursuant to 49 U.S.C. 70113 and §450.19 of this part. Claims of employees of entities listed in paragraphs (1)(ii) and (iii) of the definition of “third party” in §450.3(a) of this part for bodily injury or property damage are not covered claims; (3) Covered claims for property loss or damage exceed the amount of financial responsibility required under §450.9(e) of this part and do not result from willful misconduct of the licensee; or (4) The licensee has no liability for covered claims by third parties for bodily injury or property damage arising out of any particular reentry that exceed $1,500,000,000 (as adjusted for inflation occurring after January 1, 1989) above the amount of financial responsibility required under §450.9(c) of this part. (d) A licensee's failure to comply with the requirements in this part may result in suspension or revocation of a license, and subjects the licensee to civil penalties as provided in part 405 of this chapter.
Title 14: Aeronautics and Space
PART 450—FINANCIAL RESPONSIBILITY
Subpart A—Financial Responsibility for Licensed Reentry Activities
§ 450.5 General.
