(a) “Proof of financial responsibility,” when required by this code, means proof of financial responsibility resulting from the ownership or operation of a motor vehicle and arising by reason of personal injury to, or death of, any one person, of at least thirty thousand dollars ($30,000), and, subject to the limit of thirty thousand dollars ($30,000) for each person injured or killed, of at least sixty thousand dollars ($60,000) for the injury to, or the death of, two or more persons in any one accident, and for damages to property in excess of one thousand dollars ($1,000), of at least fifteen thousand dollars ($15,000) resulting from any one accident. Proof of financial responsibility may be given in any manner authorized in this chapter.

(b) (1) On January 1, 2035, the minimum liability coverage shall be increased by twenty thousand dollars ($20,000) for bodily injury or death for each person, by forty thousand dollars ($40,000) for bodily injury or death for all persons, and by ten thousand dollars ($10,000) for property damage.

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(2) The Insurance Commissioner shall, by July 1, 2033, distribute a bulletin soliciting rate applications from insurers to effectuate the January 1, 2035, increase and shall process and approve them consistent with the manner outlined in § 12960 of the Insurance Code.

(c) This section shall become operative on January 1, 2025.

(Repealed (in Sec. 4) and added by Stats. 2022, Ch. 717, Sec. 5. (SB 1107) Effective January 1, 2023. Operative January 1, 2025, by its own provisions.)