Bill Text: FL S0846 | 2024 | Regular Session | Comm Sub

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Bill Title: Risk Retention Groups

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2024-03-05 - Laid on Table, refer to CS/HB 215 [S0846 Detail]

Download: Florida-2024-S0846-Comm_Sub.html

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       Florida Senate - 2024                              CS for SB 846
       
       
        
       By the Committee on Banking and Insurance; and Senator DiCeglie
       
       
       
       
       
       597-02155-24                                           2024846c1
    1                        A bill to be entitled                      
    2         An act relating to risk retention groups; amending s.
    3         324.021, F.S.; revising the definition of the term
    4         “motor vehicle liability policy” to include policies
    5         of liability insurance issued by certain risk
    6         retention groups; 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 to read:
   12         324.021 Definitions; minimum insurance required.—The
   13  following words and phrases when used in this chapter shall, for
   14  the purpose of this chapter, have the meanings respectively
   15  ascribed to them in this section, except in those instances
   16  where the context clearly indicates a different meaning:
   17         (8) MOTOR VEHICLE LIABILITY POLICY.—Any owner’s or
   18  operator’s policy of liability insurance furnished as proof of
   19  financial responsibility pursuant to s. 324.031, insuring such
   20  owner or operator against loss from liability for bodily injury,
   21  death, and property damage arising out of the ownership,
   22  maintenance, or use of a motor vehicle in not less than the
   23  limits described in subsection (7) and conforming to the
   24  requirements of s. 324.151, issued by any insurance company
   25  authorized to do business in this state, including, but not
   26  limited to, a risk retention group operating in accordance with
   27  15 U.S.C. ss. 3901 et seq. which conducts business in this state
   28  pursuant to s. 627.943 or s. 627.944. 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         Section 2. This act shall take effect July 1, 2024.