Requires the insurance commissioner to: (1) Adopt rules requiring the development and use of a standard form that must be signed by an insured who chooses to opt out of underinsured coverage;

(2) Collect data regarding the number of motorists who are involved in accidents in the state and who are underinsured or uninsured; and

(3) Use the data to periodically update the standard form regarding the risk of opting out of underinsured coverage.