NRRA is now proactively engaged in opposing a very live bill in Florida with a proposed revision to Florida‘s motor vehicle law.
The Bill, entitled S0516, seems to have been set up to fast-track through the Legislature and would effectively, if passed, discriminate against RRGs writing this coverage in the State. It proposes to impose a requirement that any such RRG must possess at least an A.M. Best “A” rating plus minimum financial size status of “VIII” (meaning $100M-$250M in capital surplus) in order to conduct business in the State. The bill is making its way through various committees. The first such committee, the Senate Banking & Insurance Committee, passed the proposed bill, as amended, unanimously at its meeting on March 22.
The Bill has now been assigned to the Senate Appropriations Committee on Criminal and Civil Justice. While our opposition to this bill has been extensive and vigorous thus far, attached are a couple items that demonstrate part of what we have been doing on this situation. We will keep you informed as developments progress.
For further information, please also see the March 30, 2023 article from the Risk Retention Reporter with an analysis and review of the legislation.
PLEASE NOTE THE TIMING HERE: We would ask that all interested or potentially impacted members to please make immediate arrangements to assist NRRA in its opposition effort to this bill by contacting our offices as reflected below. Thank you.
Best personal regards,
Joseph E. Deems
National Risk Retention Association (NRRA)
(818) 995-3274 direct