Florida Regulations 15A-3.011: Self-Insurance
Current as of: 2024 | Check for updates
|
Other versions
(1) Persons desiring to qualify as a self-insurer must meet the following requirements:
(a) A natural person with private passenger vehicles shall possess a net unencumbered worth of at least $40,000.
(b) A person, including any firm, partnership, association, corporation, or other person, other than a natural person, shall:
1. Possess a net unencumbered worth of at least $40,000 for the first motor vehicle and $20,000 for each additional motor vehicle; or
2. Maintain sufficient net worth to be determined as follows: at least $40,000 net unencumbered worth for the first motor vehicle and an amount less than the $20,000 for each additional motor vehicle provided such self-insurer provides the Department an excess insurance policy in the amount of $25,000, $50,000 or $100,000 combined single limits, for each covered vehicle. The amount of net unencumbered worth to be maintained for each additional vehicle will be formulated annually by the Department from the “”Manual of Financial Responsibility Rates,”” (Revised 05-89, and hereby incorporated by reference), prepared by the Department of Insurance, based upon actuarial data from property and casualty insurance companies, provided by the Department of Insurance to the Department.
(c) The owner of a commercial motor vehicle as defined in Florida Statutes § 207.002(2), may qualify as a self-insured in the amounts listed below in accordance with the provisions of Section 324.171(1)(b)2., F.S.
Terms Used In Florida Regulations 15A-3.011
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(b) A person, including any firm, partnership, association, corporation, or other person, other than a natural person, shall:
1. Possess a net unencumbered worth of at least $40,000 for the first motor vehicle and $20,000 for each additional motor vehicle; or
2. Maintain sufficient net worth to be determined as follows: at least $40,000 net unencumbered worth for the first motor vehicle and an amount less than the $20,000 for each additional motor vehicle provided such self-insurer provides the Department an excess insurance policy in the amount of $25,000, $50,000 or $100,000 combined single limits, for each covered vehicle. The amount of net unencumbered worth to be maintained for each additional vehicle will be formulated annually by the Department from the “”Manual of Financial Responsibility Rates,”” (Revised 05-89, and hereby incorporated by reference), prepared by the Department of Insurance, based upon actuarial data from property and casualty insurance companies, provided by the Department of Insurance to the Department.
(c) The owner of a commercial motor vehicle as defined in Florida Statutes § 207.002(2), may qualify as a self-insured in the amounts listed below in accordance with the provisions of Section 324.171(1)(b)2., F.S.