Workers' Compensation

 

SB 680(1) (Henry/Ervin): Like HB1771, which was vetoed, SB 680 requires the State Insurance Fund to declare a dividend to policyholders if the surplus as regards policyholders is above a certain level. Dividends to state agencies would be deposited to the Special Indemnity Fund, which is renamed the Multiple Injury Trust Fund (MITF), for use in paying the $29.5 million owed to injured persons having claims against the MITF. The bill also allows state agencies to purchase workers' compensation insurance from private carriers if certain procedures and requirements are met. Permanent partial disability awards would no longer be compensable by the MITF. SB680 also cuts the assessment on workers' compensation awards by 20$ which results in a 20% reduction in the assessment paid by employers and a 1% increase in benefits for injured workers. Finally, effective immediately, the bill creates a joint committee to investigate the financial condition of the State Insurance Fund to ensure that the required dividend and reduction in assessment will not damage the Fund. (See Veto Section) Effective 11-1-99

 
(1) Passed, signed by Governor (2) Passed, pending Governor's approval/disapproval (3) Vetoed by Governor
(4) Pending in Legislature (5) Failed in Legislature (6) Enrolled with the Sec. of State

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