35 

Federal Aviation Administration, DOT 

§ 119.41 

(7) A schedule of insurance coverage 

in effect on the balance sheet date 
showing insurance companies; policy 
numbers; types, amounts, and period of 
coverage; and special conditions, exclu-
sions, and limitations. 

(8) Any other financial information 

that the Administrator requires to en-
able him or her to determine that the 
applicant has sufficient financial re-
sources to conduct his or her oper-
ations with the degree of safety re-
quired in the public interest. 

(f) Each financial statement con-

taining financial information required 
by paragraph (e) of this section must 
be based on accounts prepared and 
maintained on an accrual basis in ac-
cordance with generally accepted ac-
counting principles applied on a con-
sistent basis, and must contain the 
name and address of the applicant’s 
public accounting firm, if any. Infor-
mation submitted must be signed by an 
officer, owner, or partner of the appli-
cant or certificate holder. 

[Doc. No. 28154, 62 FR 13254, Mar. 19, 1997; 62 
FR 15570, Apr. 1, 1997, as amended by Docket 
FAA–2018–0119, Amdt. 119–19, 83 FR 9172, Mar. 
5, 2018] 

§ 119.37 Contents of an Air Carrier 

Certificate or Operating Certificate. 

The Air Carrier Certificate or Oper-

ating Certificate includes— 

(a) The certificate holder’s name; 
(b) The location of the certificate 

holder’s principal base of operations; 

(c) The certificate number; 
(d) The certificate’s effective date; 

and 

(e) The name or the designator of the 

responsible Flight Standards office. 

[Docket No. 28154, 60 FR 65913, Dec. 20, 1995, 
as amended by Docket FAA–2018–0119, Amdt. 
119–19, 83 FR 9172, Mar. 5, 2018] 

§ 119.39 Issuing or denying a certifi-

cate. 

(a) An applicant may be issued an Air 

Carrier Certificate or Operating Cer-
tificate if, after investigation, the Ad-
ministrator finds that the applicant— 

(1) Meets the applicable requirements 

of this part; 

(2) Holds the economic authority ap-

plicable to the kinds of operations to 
be conducted, issued by the Depart-

ment of Transportation, if required; 
and 

(3) Is properly and adequately 

equipped in accordance with the re-
quirements of this chapter and is able 
to conduct a safe operation under ap-
propriate provisions of part 121 or part 
135 of this chapter and operations spec-
ifications issued under this part. 

(b) An application for a certificate 

may be denied if the Administrator 
finds that— 

(1) The applicant is not properly or 

adequately equipped or is not able to 
conduct safe operations under this sub-
chapter; 

(2) The applicant previously held an 

Air Carrier Certificate or Operating 
Certificate which was revoked; 

(3) The applicant intends to or fills a 

key management position listed in 
§ 119.65(a) or § 119.69(a), as applicable, 
with an individual who exercised con-
trol over or who held the same or a 
similar position with a certificate 
holder whose certificate was revoked, 
or is in the process of being revoked, 
and that individual materially contrib-
uted to the circumstances causing rev-
ocation or causing the revocation proc-
ess; 

(4) An individual who will have con-

trol over or have a substantial owner-
ship interest in the applicant had the 
same or similar control or interest in a 
certificate holder whose certificate was 
revoked, or is in the process of being 
revoked, and that individual materi-
ally contributed to the circumstances 
causing revocation or causing the rev-
ocation process; or 

(5) In the case of an applicant for an 

Operating Certificate for intrastate 
common carriage, that for financial 
reasons the applicant is not able to 
conduct a safe operation. 

§ 119.41 Amending a certificate. 

(a) The Administrator may amend 

any certificate issued under this part 
if— 

(1) The Administrator determines, 

under 49 U.S.C. 44709 and part 13 of this 
chapter, that safety in air commerce 
and the public interest requires the 
amendment; or 

(2) The certificate holder applies for 

the amendment and the responsible 
Flight Standards office determines