This bill amends and reenacts R.S. 40:1428(C) and repeals R.S. 40:1428(A)(3), focusing on the fees assessed on direct premiums of insurers and the collection of these fees by the Department of Insurance. The amended section establishes the Insurance Fraud Investigation Dedicated Fund Account, which will receive an amount equal to that deposited as required by a previous subsection. The funds in this account are irrevocably dedicated to specific purposes related to insurance fraud and will remain in the account at the end of the fiscal year, rather than being refunded to insurers as previously stipulated.

Additionally, the bill clarifies that the funds deposited into the account will be categorized as fees and self-generated revenue, intended solely for legislative appropriation. The provisions of this Act will take effect upon the governor's signature or, if not signed, after the designated time for bills to become law without signature. If the bill is vetoed but later approved by the legislature, it will become effective the day after such approval.

Statutes affected:
HB401 Original: 40:1428(C), 40:1428(A)(3)
HB401 Engrossed: 40:1428(C), 40:1428(A)(3)
HB401 Enrolled: 40:1428(C), 40:1428(A)(3)
HB401 Act 83: 40:1428(C), 40:1428(A)(3)