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FL S0586
Bill
AI Summary
- Repeals Florida's Motor Vehicle No-Fault Law (personal injury protection/PIP system), effective July 1, 2024, eliminating the requirement for drivers to carry PIP coverage
- Requires all motor vehicle owners and operators to carry bodily injury liability coverage of at least $25,000/$50,000 and property damage liability coverage of at least $10,000, or a combined single limit of $60,000, beginning July 1, 2024
- Mandates a $5,000 death benefit for each deceased person and requires insurers to offer medical payments coverage at limits of $5,000 and $10,000, with insurers reserving $5,000 of medical payments benefits for emergency and inpatient care providers for 30 days after notice of an accident
- Creates s. 624.156 establishing detailed standards for bad faith failure to settle third-party motor vehicle claims, including insurer best practices requirements, a 45-day safe harbor period for initiating settlement negotiations, insured cooperation duties, claimant communication standards, and limiting damages to the excess judgment amount plus court costs and attorney fees while prohibiting punitive damages
- Increases minimum insurance requirements for commercial motor vehicles (e.g., from $50,000 to $60,000 for vehicles 26,000–35,000 lbs), raises self-insurer net worth thresholds, and appropriates $83,651 from the Insurance Regulatory Trust Fund to the Office of Insurance Regulation for implementation
Legislative Description
Motor Vehicle Insurance
Last Action
Died in Banking and Insurance
5/5/2023
Full Bill Text
No bill text available