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 repeal of R.S. 40:1428(A)(3) indicates a removal of certain fee reductions, streamlining the funding process for the fraud unit and related sections. The provisions of this Act will take effect upon the governor's signature or after the designated time frame for bills to become law without signature.

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)