House Bill No. 7046 proposes revisions to the Second Injury Fund (SIF) by clarifying the definitions and assessment methods related to the fund. The bill repeals and replaces subsections (a) and (b) of section 31-349g of the general statutes, introducing new definitions such as "tortfeasor," which refers to a third party liable for an employee's injury. Additionally, the bill specifies that deductions from paid losses will only be made for actual recoveries from third-party tortfeasors, rather than general third-party recoveries. This change aims to provide clearer guidelines for the calculation of paid losses and the assessment of employers contributing to the fund.

The bill also outlines the responsibilities of the State Treasurer and the Insurance Commissioner in adopting regulations for assessing employers based on their paid losses. The assessment method will differ for self-insured and insured employers, with specific criteria based on the effective dates of their policies. Overall, the bill seeks to enhance the administration of the Second Injury Fund without imposing any fiscal impact on the state or municipalities, as it primarily clarifies existing practices. The act is set to take effect upon passage.