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FL S0150
Bill
AI Summary
- Repeals Florida's Motor Vehicle No-Fault Law (PIP/personal injury protection system) effective July 1, 2023, eliminating the requirement for drivers to carry $10,000 in personal injury protection coverage
- Establishes new mandatory minimum insurance requirements of $25,000/$50,000 for bodily injury liability and $10,000 for property damage liability, replacing the previous PIP-only mandate; alternatively, drivers may carry $60,000 in combined single-limit coverage
- Requires all motor vehicle insurance policies to include a $5,000 death benefit per deceased person and mandates insurers offer medical payments coverage at limits of $5,000 and $10,000 to cover medical expenses from crashes
- Creates s. 624.156, establishing detailed standards for bad faith failure-to-settle actions against motor vehicle insurers, including a duty of good faith, best practices requirements, 45-day safe harbor periods for settlement negotiations, insured cooperation duties, and a prohibition on punitive damages
- Increases minimum garage liability insurance for motor vehicle dealers from $25,000 to $60,000 combined single-limit coverage and raises self-insurer net worth requirements from $40,000 to $100,000, with $83,651 appropriated to the Office of Insurance Regulation for implementation
Legislative Description
Motor Vehicle Insurance
Last Action
Died in Judiciary
3/14/2022
Committee Referrals
Judiciary2/3/2022
Full Bill Text
No bill text available