Bill Summary – FastDemocracy

 
                                        SENATE BILL 504
                                           By Lundberg AN ACT to amend Tennessee Code Annotated, Title 55
                                            and Title 56, relative to motor vehicle insurance.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
       SECTION 1. Tennessee Code Annotated, Section 55-12-102(12)(C), is amended by
deleting from subdivision (i) the language "If proof is required after December 31, 2016, proof means" and substituting instead the language "If proof is required after December 31, 2016, but prior to January 1, 2022, proof means".
       SECTION 2. Tennessee Code Annotated, Section 55-12-102(12), is amended by
adding the following as a new subdivision:
               (D)
                      (i) If proof is required after December 31, 2021, proof means:
                              (a) A written proof of liability insurance coverage provided by a single limit policy with a limit of not less than sixty-five thousand dollars
                      ($65,000) applicable to one (1) accident;
                              (b) A split-limit policy with a limit of not less than twenty-five thousand dollars ($25,000) for bodily injury to or death of one (1) person,
                      not less than fifty thousand dollars ($50,000) for bodily injury to or death of two (2) or more persons in any one (1) accident, and not less than twenty-five thousand dollars ($25,000) for damage to property in any one
                      (1) accident;
                              (c) A deposit of cash with the commissioner in the amount of
                      sixty-five thousand dollars ($65,000); or SB0504
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                      (d) The execution and filing of a bond with the commissioner in
              the amount of sixty-five thousand dollars ($65,000); and
              (ii) An insured holding a policy that complies with the insurance requirements of the financial responsibility law on December 31, 2021, is not in
       violation of the law if the policy meets the limits specified in subdivisions
       (12)(D)(i)(a)-(d) as of the first renewal after December 31, 2021;
SECTION 3. This act takes effect upon becoming a law, the public welfare requiring it.
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                                  Amendment No. 1 to HB1134
                                            Farmer Signature of Sponsor AMEND Senate Bill No. 504*                           House Bill No. 1134
by deleting all language after the enacting clause and substituting instead the following:
       SECTION 1. Tennessee Code Annotated, Section 55-12-102(12)(C), is amended by
deleting from subdivision (i) the language "If proof is required after December 31, 2016, proof means" and substituting instead the language "If proof is required after December 31, 2016, but prior to January 1, 2023, proof means".
       SECTION 2. Tennessee Code Annotated, Section 55-12-102(12), is amended by
adding the following as a new subdivision:
               (D)
                      (i) If proof is required after December 31, 2022, proof means:
                              (a) A written proof of liability insurance coverage provided by a single limit policy with a limit of not less than sixty-five thousand dollars
                      ($65,000) applicable to one (1) accident;
                              (b) A split-limit policy with a limit of not less than twenty-five thousand dollars ($25,000) for bodily injury to or death of one (1) person,
                      not less than fifty thousand dollars ($50,000) for bodily injury to or death of two (2) or more persons in any one (1) accident, and not less than twenty-five thousand dollars ($25,000) for damage to property in any one
                      (1) accident;
                              (c) A deposit of cash with the commissioner in the amount of
                      sixty-five thousand dollars ($65,000); or HA0737
                                               016241
                                                -1-
                      (d) The execution and filing of a bond with the commissioner in
              the amount of sixty-five thousand dollars ($65,000); and
              (ii) An insured holding a policy that complies with the insurance requirements of the financial responsibility law on December 31, 2022, is not in
       violation of the law if the policy meets the limits specified in subdivisions
       (12)(D)(i)(a)-(d) as of the first renewal after December 31, 2022;
SECTION 3. This act takes effect upon becoming a law, the public welfare requiring it.
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Statutes affected: 
Current Version: 55-12-102(12)(C), 55-12-102, 55-12-102(12)
Amended with HA0737 -- 03/30/2022: 55-12-102(12)(C), 55-12-102, 55-12-102(12)