Florida Administrative Code
15 - DEPARTMENT OF HIGHWAY SAFETY AND MOTOR VEHICLES
15A - Division of Driver Licenses
Chapter 15A-3 - BUREAU OF FINANCIAL RESPONSIBILITY - RULES AND REGULATIONS RELATING TO FINANCIAL RESPONSIBILITY LAW
Section 15A-3.011 - Self-Insurance

Universal Citation: FL Admin Code R 15A-3.011

Current through Reg. 50, No. 187; September 24, 2024

(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 Section 207.002(2), F.S., 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.

Minimum Liability Insurance

Gross Vehicle Weight

Required Per Occurrence

Category I.

26,000-34, 999 pounds

$50,000

Category II.

35,000-43, 999 pounds

$100,000

Category III.

44,000 pounds or more

$300,000

Category IV.

Vehicles subject to United States Department of Transportation Insurance Regulations

$750,000 (Minimum Federal Levels)
1. The owner of a commercial motor vehicle in order to qualify as a self-insured shall furnish the Department a certified copy of a financial statement (balance sheet indicating assets and liabilities) showing an unencumbered net worth for either of the options listed below.
a. If no excess insurance is provided:
(I) $50, 000 for the first vehicle in Category I., and $20, 000 for each vehicle thereafter.

(II) $100, 000 for the first vehicle in Category II., and $20, 000 for each vehicle thereafter.

(III) $300, 000 for the first vehicle in Category III., and $20, 000 for each vehicle thereafter.

(IV) $750, 000 for the first vehicle in Category IV., and $20, 000 for each vehicle thereafter.

b. If proof of excess insurance is provided, the self-insurer must maintain * net unencumbered worth for the first motor vehicle plus an additional amount of net unencumbered worth for each additional vehicle, such amount to be formulated annually by the Department from the "Manual of Financial Responsibility Rates" prepared by the Department of Insurance, based upon actuarial data from property and casualty insurance companies. In determining the amount required for each additional vehicle, the Department shall take into consideration excess insurance coverage, if such coverage is maintained by the applicant.

*Utilizing the figures of $50, 000, $100, 000, $300, 000 or $750, 000 whichever is applicable to the weight of the applicant's vehicles.

(2) A certificate of self-insurance will be issued upon written request stating the name and address of the applicant along with a description of the vehicles to be insured, a financial statement showing net unencumbered worth as stated above and proof of excess insurance where applicable. Certificates of self-insurance are: Certificate of Self-Insurance (natural person), HSMV-74750, Revised 5/91; Certificate of Self-Insurance (without PIP coverage), HSMV-74753, Revised 3/87; Certificate of Self-Insurance (with PIP coverage), HSMV-74754, Revised 3/87, are hereby incorporated by reference.

(3) A certificate of self-insurance is valid for a period of one year from the effective date of the certificate.

(4) Not less than 30 days prior to the expiration date of the certificate, the Department shall request a financial statement specifying the net unencumbered worth of the self-insurance holder and an insurance update specifying excess coverage for the self-insurance holder for the purpose of renewing the certificate.

(5) Financial statements of unencumbered net worth submitted to the Department for the purpose of qualifying as a self-insurance holder may not include any property which is not owned or titled in the name of the self-insuring entity.

(6) The actuarial data from the "Manual of Financial Responsibility Rates" prepared by the Department of Insurance will be subject to change each year, based upon the price and availability of insurance coverage. The Department will advise the certificate holder not less than 30 days prior to renewal, or other non-natural person interested in becoming self-insured, of the necessary requirements for a firm, partnership, association, corporation or other persons, other than a natural person, to continue or to begin participating in the self-insurance program.

Rulemaking Authority 324.042 FS. Law Implemented 324.171, 207.002(2), 627.7415 FS.

New 1-27-87, Amended 3-25-93.

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