This bill amends the existing law regarding the minimum uninsured and underinsured motorist coverage required for transportation network companies and their drivers. Specifically, it lowers the required coverage amount for drivers providing prearranged rides from $1,500,000 to a tiered structure based on the date of policy issuance or renewal. For plans issued or renewed between January 1, 2023, and January 1, 2026, the minimum coverage will be set at $25,000 for injury or death of one person, $50,000 for injury or death of multiple persons, and $25,000 for property damage. For plans issued or renewed after January 1, 2026, these amounts will increase to $35,000, $70,000, and $25,000, respectively.

The bill also includes specific legal language changes, such as the deletion of the previous requirement for a minimum uninsured and underinsured motorist coverage of $1,500,000 and the insertion of new coverage limits as outlined above. This legislative change aims to adjust the financial responsibilities of transportation network companies and their drivers while maintaining necessary protections for individuals involved in accidents. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 39:5H-10