SCDMV Form FR-003A. Financial Requirements for Self-Insured Certificate

Form FR-003A is used by individuals or businesses in South Carolina who wish to become self-insured for motor vehicle liability. The form provides a detailed listing of the financial requirements that must be met in order to obtain a self-insured certificate. It consists of multiple sections, including personal and contact information, financial statement details, and a signature section. The important fields to consider when filling out this form include providing accurate financial information and ensuring all required supporting documentation is attached.

This form is necessary for individuals or businesses who want to assume the financial responsibility for their own motor vehicle liability claims instead of purchasing traditional insurance coverage. By becoming self-insured, the entity must demonstrate its ability to cover any potential claims by meeting specific financial requirements set by the South Carolina Department of Motor Vehicles (SCDMV). This form is essential in determining if the applicant meets those requirements and is therefore eligible for a self-insured certificate.

An example of a related form is SCDMV Form FR-003B, which is the application form for individuals or businesses who wish to become self-insured in South Carolina. The main difference between FR-003A and FR-003B is that FR-003A focuses on providing information about the financial requirements, while FR-003B collects personal and contact information of the applicant.