Florida Senate - 2023 SB 516 By Senator DiCeglie 18-00581-23 2023516__ 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” to include 5 certain policies issued by risk retention groups; 6 defining the term “risk retention group”; providing an 7 effective date. 8 9 Be It Enacted by the Legislature of the State of Florida: 10 11 Section 1. Subsection (8) of section 324.021, Florida 12 Statutes, is amended, and subsection (12) is added to that 13 section, to read: 14 324.021 Definitions; minimum insurance required.—The 15 following words and phrases when used in this chapter shall, for 16 the purpose of this chapter, have the meanings respectively 17 ascribed to them in this section, except in those instances 18 where the context clearly indicates a different meaning: 19 (8) MOTOR VEHICLE LIABILITY POLICY.—Any owner’s or 20 operator’s policy of liability insurance furnished as proof of 21 financial responsibility pursuant to s. 324.031, insuring such 22 owner or operator against loss from liability for bodily injury, 23 death, and property damage arising out of the ownership, 24 maintenance, or use of a motor vehicle in not less than the 25 limits described in subsection (7) and conforming to the 26 requirements of s. 324.151, issued by any insurance company 27 authorized to do business in this state or by a risk retention 28 group described in subsection (12). The owner, registrant, or 29 operator of a motor vehicle is exempt from providing such proof 30 of financial responsibility if he or she is a member of the 31 United States Armed Forces and is called to or on active duty 32 outside this state or the United States, or if the owner of the 33 vehicle is the dependent spouse of such active duty member and 34 is also residing with the active duty member at the place of 35 posting of such member, and the vehicle is primarily maintained 36 at such place of posting. The exemption provided by this 37 subsection applies only as long as the member of the armed 38 forces is on such active duty outside this state or the United 39 States and the owner complies with the security requirements of 40 the state of posting or any possession or territory of the 41 United States. 42 (12) RISK RETENTION GROUP.—A risk retention group operating 43 in accordance with s. 627.943 or s. 627.944 which is rated “A” 44 or higher for financial strength and “VIII” or higher for 45 financial size category by A.M. Best Company and which only 46 provides commercial coverage for its members and shareholders. 47 Section 2. This act shall take effect July 1, 2023.