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FL S0464
Bill
AI Summary
- Repeals Florida's Motor Vehicle No-Fault Law (PIP/personal injury protection system) effective July 1, 2025, replacing it with mandatory bodily injury liability coverage of $25,000/$50,000 per crash and $10,000 property damage liability, or a $60,000 combined single limit
- Requires all motor vehicle insurance policies to include a $5,000 death benefit per deceased person and mandates insurers offer medical payments coverage at $5,000 and $10,000 limits to cover medical expenses from crashes
- Increases financial responsibility requirements for commercial motor vehicles (e.g., $60,000 for vehicles 26,000–35,000 lbs, up from $50,000), for-hire passenger transportation vehicles ($125,000/$250,000 bodily injury), and self-insurers (minimum net worth raised from $40,000 to $100,000)
- Requires insurers to notify policyholders by April 1, 2025, of the transition from PIP to the new coverage requirements, and allows policyholders with existing PIP policies effective before July 1, 2025, to be deemed compliant until their policy is renewed, nonrenewed, or canceled
- Appropriates $83,651 in nonrecurring funds from the Insurance Regulatory Trust Fund to the Office of Insurance Regulation for implementation, with rate filings for the new requirements subject to a file-and-use approval process
Legislative Description
Motor Vehicle Insurance
Last Action
Died in Banking and Insurance
3/8/2024
Full Bill Text
No bill text available