House Bill No. 7046, also known as Public Act No. 25-135, revises the Second Injury Fund by updating definitions and assessment methods for employers. Key insertions include the definition of "tortfeasor" as a third party liable for an employee's injury, and the term "actual" recoveries from tortfeasors, which replaces the previous reference to "third party" tortfeasors. The bill also clarifies the definitions of "insured employer," "self-insured employer," "paid losses," "Second Injury Fund surcharge base," "direct written premium," and "self-insurance group," ensuring that they align with current practices and regulations.

Additionally, the bill outlines the responsibilities of the State Treasurer, in consultation with the Insurance Commissioner, to adopt regulations for assessing employers' liabilities for the Second Injury Fund. The assessment will differentiate between self-insured and insured employers based on their paid losses from the previous calendar year, with specific methods for calculating assessments based on the effective dates of their policies. The bill emphasizes the importance of considering the impact of these regulations on the cost of doing business, the overall workers' compensation system, and the financial condition of the fund.