Senate Bill No. 372, also known as Special Act No. 24-15, is a legislative act that mandates the creation of a working group to study payments made by insurance companies for deposit into the Insurance Fund. The bill outlines the composition of the working group, which includes the chairpersons and ranking members of the joint standing committees of the General Assembly with oversight of appropriations, budgets of state agencies, and insurance, or their designees; the Insurance Commissioner or their designee; a representative from an association of property and casualty insurers; and a representative from an association of health plans.

The working group is required to hold its first meeting within sixty days of the act's passage and is tasked with selecting two co-chairpersons from its members. The administrative staff of the joint standing committee related to insurance will provide administrative support to the working group. The group is instructed to submit a report of its findings and recommendations to the relevant joint standing committees of the General Assembly by January 1, 2025. The act does not specify any insertions or deletions to current law, focusing instead on the establishment and duties of the working group. The working group will dissolve upon submission of the report or on January 1, 2025, whichever is later. The act was approved on June 5, 2024.

Statutes affected:
Raised Bill:
APP Joint Favorable:
File No. 570: