Financial Responsibility Form
ACORD provides ACORD Form 54 – Financial Responsibility Form
ACORD Form 54 is the same as the American Association of Motor Vehicle Administrators (AAMVA) form SR 22.
What does filing a Financial Responsibility mean?
This filing does not mean that the insurance company is responsible for any loss. The insurance company is still limited to the amount of coverage stated in the limits of liability on the policy. If the insurance company makes payments as a result of issuing a Financial Responsibility certificate which the insurance company would not have made otherwise, the insured agrees in the policy to reimburse the insurance company.Do all states require a Financial Responsibility Form to be filed?
No, they do not. Financial Responsibility form requirements vary by state. The absolute best site I have found for you to get detailed information about Financial Responibility guidelines is…
When a company files a Financial Responsibility form with the state, in order to cancel its obligations for coverage, it must file an ACORD 57 or SR-26 to notify the state of the cancellation or termination. Failure to file this form can result in the insurance company being required to make payment for claims.Links to other Education Pages