Florida Bill 516, on motor vehicle liability policies, has been approved by the latest committee in the Florida State Senate to review it.
The bill revises the definition of the term “motor vehicle liability policy” and also define the term “risk retention group”.
On Wednesday April 12 the Appropriations Committee on Criminal and Civil Justice in the Florida senate voted in favour of the bill by an 11 to 1 vote.
The bill will now move onto the next stage in its progress towards the desk of Governor Ron DeSantis. It is scheduled to have a due date of July 1, 2023.
However, the National Risk Retention Association has warned that the Bill 516 could have a ‘devastating impact’ on risk retention groups in the state, if the bill is passed.