The General Assembly Raised Bill No. 7046 proposes revisions to the Second Injury Fund, specifically amending sections 31-349g(a) and (b) of the general statutes. Key insertions include the definitions of "tortfeasor," which refers to a third party liable for an employee's injury, and the clarification that self-insured and insured employers can only deduct recoveries from a tortfeasor. Additionally, the bill specifies that the assessment method for self-insured employers will be based on paid losses, while for insured employers, it will depend on the effective date of their policies, with different bases for policies before and after July 1, 2006.

The bill also removes the term "third party" from the context of recoveries, replacing it with "actual recoveries from tortfeasors." The State Treasurer, in consultation with the Insurance Commissioner, is granted the authority to adopt regulations regarding the assessment of employers for the Second Injury Fund liabilities, taking into account various factors such as the cost of doing business and the financial condition of the fund. Overall, the bill aims to clarify the processes and definitions related to the Second Injury Fund, ensuring a more streamlined approach to workers' compensation liabilities.