From: Captive International
Florida Bill 516, which has been criticised by the National Risk Retention Association (NRRA), is continuing to progress in the Florida State Senate.
The bill aims to revise the definition of the term “motor vehicle liability policy” to include certain policies issued by risk retention groups and define the term “risk retention group”.
The NRRA said that if passed, Florida Bill 516 will have a ‘devastating impact’ on not only trucking and transportation risk retention groups registered in Florida, but actually every RRG writing commercial liability, including auto. This could also arguably impact 96% of the RRGs registered in Florida and hundreds, if not thousands of RRG owner-member-insureds could lose their coverage.