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-3.014 - Security Deposited with the Department of Highway Safety and Motor Vehicles
Current through Reg. 50, No. 187; September 24, 2024
Security deposited pursuant to the provisions of Section 324.051(2)(a)4., F.S., with respect to claims for injuries to persons or properties resulting from an accident occurring prior to such deposit, shall be in the form and amount determined by the Department which, in its judgment, will be sufficient to compensate for all injuries arising out of such accident, but in no case shall the amount be greater than the limits as specified in Section 324.021(7), F.S.
(1) Security required to be deposited based on properties damaged as a result of a motor vehicle accident is based upon the estimate of damage made by the investigating officer at the time of the accident. This amount is adjustable upon receipt of documentary evidence furnished the Department to indicate a greater or lesser amount of property damage. Such evidence may be in the form of estimates of repair from body repair shops, loss reports, or subrogation reports from fire and casualty insurance companies.
(2) Security required to be deposited based on bodily injury to persons are based upon insurance actuarial amounts.
(3) Security deposit amount required-reduction thereof. The Department shall have the administrative authority to decrease the amount of security required in order to comply with the provisions of Section 324.051(2)(a)4., F.S., based upon evidential proof provided the Department. Evidential proof may be in the form of a returned letter mailed certified, return receipt requested, to the party giving a release pursuant to Section 324.051(2)(a)3., F.S. The letter must be returned to the originator intact and unopened, marked by the United States Postal Service as "No Such Address" or "No Forwarding Address." The security amount for property damage shall not be reduced to less than $250 and bodily injury to persons shall not be reduced to less than $100.
Rulemaking Authority 324.042 FS. Law Implemented 324.061 FS.
New 3-25-93.