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Section Name |
Field Name |
Field and/or Section Description |
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TITLE ACORD 54 (1/97) |
Financial Responsibility Form |
Certification of liability insurance coverage for the future is a basic element in all financial responsibility laws. In order to reinstate a driving privilege after a driver license suspension, an insurance company is called upon to certify liability coverage for the future, usually three years, for the affected individual. |
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While the basic certification concept is for the most part rather uniform among the states having financial responsibility laws, there are a number of procedural variations. The Insurance Industry Committee on Motor Vehicle Administration (IICMVA) produces a Financial Responsibility Programs and Procedures Guide that provides details about specific procedures for each state. Information in this Guide relating to financial responsibility was taken from the IICMVA publication in use as of the printing date of this Guide. ACORD Form 54 is the basic form used in most states to certify insurance coverage to the motor vehicle administrator when an insurance company files a certification. It is the same as the American Association of Motor Vehicle Administrators (AAMVA) form SR 22. When an insurance company files a certification, it is "on the risk" until it files a cancellation notice. |
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ACORD 54 cannot be used in Illinois, Minnesota and Vermont. Special state forms are required. These forms have not been developed by ACORD. The following states have no financial rsponsibility requirements that utilize forms such as ACORD 54: - Kentucky - Maryland - Massachusetts - New Jersey - New Mexico - New York - North Carolina - Pennsylvania - West Virginia |