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.