Florida Senate - 2023                              CS for SB 516
       
       
        
       By the Committee on Banking and Insurance; and Senator DiCeglie
       
       
       
       
       
       597-02911-23                                           2023516c1
    1                        A bill to be entitled                      
    2         An act relating to motor vehicle liability policies;
    3         amending s. 324.021, F.S.; revising the definition of
    4         the term “motor vehicle liability policy” and defining
    5         the term “risk retention group” for purposes of ch.
    6         324, F.S.; providing an effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (8) of section 324.021, Florida
   11  Statutes, is amended, and subsection (12) is added to that
   12  section, to read:
   13         324.021 Definitions; minimum insurance required.—The
   14  following words and phrases when used in this chapter shall, for
   15  the purpose of this chapter, have the meanings respectively
   16  ascribed to them in this section, except in those instances
   17  where the context clearly indicates a different meaning:
   18         (8) MOTOR VEHICLE LIABILITY POLICY.—Any owner’s or
   19  operator’s policy of liability insurance furnished as proof of
   20  financial responsibility pursuant to s. 324.031, insuring such
   21  owner or operator against loss from liability for bodily injury,
   22  death, and property damage arising out of the ownership,
   23  maintenance, or use of a motor vehicle in not less than the
   24  limits described in subsection (7) and conforming to the
   25  requirements of s. 324.151, issued by any insurance company
   26  authorized to do business in this state or by a risk retention
   27  group described in subsection (12). In addition, any surplus
   28  lines insurer as defined in s. 626.914(2) which is rated “A” or
   29  higher by A.M. Best Company may provide coverage to meet
   30  financial responsibility requirements for commercial motor
   31  vehicles. The owner, registrant, or operator of a motor vehicle
   32  is exempt from providing such proof of financial responsibility
   33  if he or she is a member of the United States Armed Forces and
   34  is called to or on active duty outside this state or the United
   35  States, or if the owner of the vehicle is the dependent spouse
   36  of such active duty member and is also residing with the active
   37  duty member at the place of posting of such member, and the
   38  vehicle is primarily maintained at such place of posting. The
   39  exemption provided by this subsection applies only as long as
   40  the member of the armed forces is on such active duty outside
   41  this state or the United States and the owner complies with the
   42  security requirements of the state of posting or any possession
   43  or territory of the United States.
   44         (12) RISK RETENTION GROUP.—A risk retention group operating
   45  in accordance with s. 627.943 or s. 627.944 which is rated “A”
   46  or higher for financial strength and “VIII” or higher for
   47  financial size category by A.M. Best Company and which only
   48  provides commercial coverage for its members and shareholders.
   49         Section 2. This act shall take effect July 1, 2023.