Citations Affected: IC 9-25; noncode.
Synopsis: Financial responsibility for motor vehicles. Authorizes a self
insurer to provide proof of financial responsibility for operation of a
motor vehicle by showing an annual audited financial statement
showing: (1) sufficient reserves to pay a judgment; and (2) a net worth
of not less than $1,000,000.
Effective: Upon passage; July 1, 2003.
January 9, 2003, read first time and referred to Committee on Insurance and Financial
February 17, 2003, reported favorably _ Do Pass.
February 20, 2003, read second time, ordered engrossed.
February 21, 2003, engrossed.
February 24, 2003, read third time, passed. Yeas 49, nays 0.
A BILL FOR AN ACT to amend the Indiana Code concerning
SECTION 1. IC 9-25-4-7 IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2003]: Sec. 7. Proof of financial responsibility
when required under this article may be given by any of the following
(1) Proof that a policy or policies of motor vehicle liability insurance have been obtained and are in full force and effect.
(2) Proof that a bond has been duly executed.
(3) Proof that deposit has been made of money or securities.
(4) Proof that the person required to give proof of financial responsibility has:
(A) a net worth of not less than one million dollars ($1,000,000); and
(B) sufficient reserves, as determined by an annual audited financial statement, to pay a judgment that may be taken against the person arising out of the operation, maintenance, or use of a motor vehicle.
SECTION 2. [EFFECTIVE UPON PASSAGE] (a)
Notwithstanding IC 9-25-4-7, as amended by this act, the bureau
of motor vehicles shall carry out the duties imposed upon it under
IC 9-25-4-7(4), as amended by this act, and IC 9-25-4-11(c) as it
relates to IC 9-25-4-7(4), as amended by this act, under interim
written rules approved by the commissioner of motor vehicles.
(b) This SECTION expires on the earlier of the following:
(1) The date rules are adopted to implement IC 9-25-4-7(4), as amended by this act.
(2) December 31, 2004.
SECTION 3. An emergency is declared for this act.