HB 803 - Motor Vehicle Liability Insurance Summary

• Increases minimum financial responsibility limits: Bodily injury liability requirements increase from $10,000/$20,000 to $25,000/$50,000 per person/accident; property damage remains $10,000.

• Repeals Florida No-Fault Law effective January 1, 2016: Eliminates personal injury protection (PIP) requirements; replaces with mandatory bodily injury liability and property damage liability coverage.

• Establishes minimum security requirements: Requires all motor vehicle owners to maintain security enabling response to damages of $10,000 property damage, $25,000/$50,000 bodily injury.

• Transitions existing policies: Policies issued before January 1, 2016 with PIP and property damage coverage are deemed compliant until renewal; insurers must notify policyholders of changes by September 1, 2015.

• Expands insurance fraud provisions: Strengthens fraud definitions and penalties, including provisions targeting health care clinics and practitioners submitting false applications related to motor vehicle accidents.