CA AB2892

Allows motor vehicle owners with more than 25 registered vehicles to qualify as self-insurers through either audited financial statements showing required net worth or a cash deposit/surety bond.

Requires applicants to maintain an insurance policy with at least 50 percent of the minimum required coverage from California-licensed companies or nonadmitted insurers.

Limits self-insurance to no more than 50 percent of the minimum insurance amount required by law, with the remaining coverage provided by traditional insurance.

Establishes that cash deposits must be held in FDIC-insured banks or NCUA-insured credit unions and surety bonds must be issued by California-licensed surety companies.

Prohibits applicants from having any unsatisfied final judgments resulting from motor vehicle accidents involving property damage or bodily injury.