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.
    9  Be It Enacted by the Legislature of the State of Florida:
   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.