March 28, 2003





ENGROSSED

SENATE BILL No. 263

_____


DIGEST OF SB 263 (Updated March 26, 2003 1:03 PM - DI 97)



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.





Clark
(HOUSE SPONSOR _ FRY)




    January 9, 2003, read first time and referred to Committee on Insurance and Financial Institutions.
    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.

HOUSE ACTION

    March 4, 2003, read first time and referred to Committee on Insurance, Corporations and Small Business.
    March 27, 2003, amended, reported _ Do Pass.






March 28, 2003

First Regular Session 113th General Assembly (2003)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
Additions: Whenever a new statutory provision is being enacted (or a new constitutional provision adopted), the text of the new provision will appear in this style type. Also, the word NEW will appear in that style type in the introductory clause of each SECTION that adds a new provision to the Indiana Code or the Indiana Constitution.
Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2002 Regular or Special Session of the General Assembly.


ENGROSSED

SENATE BILL No. 263



    A BILL FOR AN ACT to amend the Indiana Code concerning motor vehicles.

Be it enacted by the General Assembly of the State of Indiana:

    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 methods:
        (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.