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PIP: Final Transition Provisions |
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10/05/2007 |
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The Senate Banking & Insurance Committee provided this summary of the provisions in CS/HB 13C outlining the three-month transition to the revised PIP January 1, 2008. It was used by Banking & Insurance Chairman Bill PLosey, R-rockledge, to explain the final compromise on the Senate floor today.
Amend. 211186 (Posey):
* The effective date provisions are changed to require that the
No-Fault law applies to everyone on January 1, 2008, to require insurers
to add PIP coverage to policies on that date.
* Insurers must give policyholders notice by November 15, 2007,
that the coverage is being added and specify the additional premium due
for such coverage, if any.
* In order to enable the Office of Insurance Regulation and the
insurers to implement this, the amendment requires insurers to use the
same rates and forms that they had in effect under the old No-Fault law
on September 30, 2007, unless the insurer makes a new rate and form
filing as required under current law.
* Vehicle owners are not required to have PIP between October 1,
2007 and January 1, 2008. Of course, many persons will still have PIP
coverage in their policies.
* The no-fault law tort restrictions do not apply between October
1, 2007 and January 1, 2008, with one exception: If the plaintiff and
the defendant both have the old PIP coverage and are in an accident
between October 1, 2007, and January 1, 2008, the no-fault tort
limitations will apply.
* The requirements to maintain property damage (PD) liability
continue to apply throughout the entire interim period.
* Legislative findings are made that it is necessary to revise
policies on January 1, 2008, in order to protect the public health
safety and welfare.
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