§ 324.171, Fla. Stat. · Chapter 324. FINANCIAL RESPONSIBILITY
Self-insurer.
Text — 2026 Florida Statutes
(1) Any person may qualify as a self-insurer by obtaining a certificate of self-insurance from the department which may, in its discretion and upon application of such a person, issue said certificate of self-insurance when such person has satisfied the requirements of this section to qualify as a self-insurer under this section:
(a) A private individual 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, as determined annually by the department, pursuant to rules promulgated by the department, with the assistance of the Office of Insurance Regulation of the Financial Services Commission, to be financially responsible for potential losses. The rules shall take into consideration excess insurance carried by the applicant. The department’s determination shall be based upon reasonable actuarial principles considering the frequency, severity, and loss development of claims incurred by casualty insurers writing coverage on the type of motor vehicles for which a certificate of self-insurance is desired.
(c) The owner of a commercial motor vehicle as defined in s. 320.01 or a qualified motor vehicle as defined in s. 207.002 may qualify as a self-insurer subject to the standards provided for in subparagraph (b)2.
(2) The self-insurance certificate shall provide limits of liability insurance in the amounts specified under s. 324.021(7) or s. 627.7415 and shall provide personal injury protection coverage under s. 627.733(3)(b).
(3) The department may require annual reports from any self-insurer which reports must continue to demonstrate the applicable amount of unencumbered net worth. Whenever the department finds that any self-insurer does not possess the required amount of unencumbered net worth, it shall revoke the certificate of self-insurance.
Notes and commentary — not statutory text
History
s. 1, ch. 29963, 1955; ss. 13, 35, ch. 69-106; s. 4, ch. 85-320; s. 4, ch. 86-18; s. 46, ch. 87-198; s. 365, ch. 2003-261; s. 88, ch. 2013-160; s. 43, ch. 2026-39.
Note
Note.—Former s. 324.12.
Source of truth
- Edition
- 2026 Florida Statutes
- Official file
- https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0300-0399/0324/0324.html
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- sha256 4570e18261b71d3cf61216014884d99de3848581358763dcb1cd3ccbf5088fb8
- Composed by
- compose_v2.py 2026-10-04: the Legislature's structured HTML read in document order; verify_v2.py's independent reading agrees character for character
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This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
The Florida Statutes
Cited by 4 provisions
Provisions in this library whose text cites § 324.171, Fla. Stat.. Each shows the citation as that text prints it.
The Florida Statutes
- § 324.031, Fla. Stat.Manner of proving financial responsibility.Printed as s. 324.171
- § 324.032, Fla. Stat.Manner of proving financial responsibility; for-hire passenger transportation vehicles.Printed as s. 324.171
- § 324.051, Fla. Stat.Reports of crashes; suspensions of licenses and registrations.Printed as s. 324.171
- § 627.727, Fla. Stat.Motor vehicle insurance; uninsured and underinsured vehicle coverage; insolvent insurer protection.Printed as s. 324.171
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