National No-Fault Motor Vehicle Insurance Act

[AI summary unavailable — showing source text] National No-Fault Motor Vehicle Insurance Act - Prohibits any person from operating any motor vehicle upon a public street or road unless such vehicle is insured under a qualifying no-fault policy pursuant to regulations prescribed by the Secretary of Transportation or provides a security bond, proof of qualifications as a self insurer, or other securities affording security equivalent to that afforded under a qualifying no-fault policy. Prohibits any State from requiring any insurance inconsistent with a qualifying no-fault policy. Provides for a fine of not to exceed $1,000 or imprisonment for not to exceed six months, or both, for knowingly violating the above requirements. Requires that to be a qualifying no-fault policy an insurance policy must provide benefits as follows except as to the occupants of a motor vehicle other than the insured vehicle or the operator or user of a motor vehicle engaging in criminal conduct, provides that the insurer shall pay, without regard to fault: (1) to any person injured an amount equal to the net economic loss, as defined by this Act, sustained by such person as a result of such injury; and (2) to the legal representative of any person kille…