Citations Affected: IC 9-25-4-7.
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 audited financial statement showing: (1)
sufficient reserves to pay a judgment; and (2) a net worth of not less
Effective: Upon passage; July 1, 2003.
January 9, 2003, read first time and referred to Committee on Insurance and Financial
A BILL FOR AN ACT to amend the Indiana Code concerning
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 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)
, as amended by this act, the bureau
of motor vehicles shall carry out the duties imposed upon it under
(4), as amended by this act, and
(c) as it
(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.