The bill amends the Worker's Disability Compensation Act of 1969 by updating sections 625 and 835 to improve the processes related to insurance policy issuance and redemption agreements for personal injury claims. It mandates that insurers must file a notice of policy issuance with the director within 30 days of the policy's effective date and allows for electronic submissions. Additionally, it clarifies that if a policy covers individuals who would otherwise be exempt from the act, a specific statement must be included in the notice. The bill also establishes that the director will create rules for filing fees associated with these notices.

In section 835, the bill specifies that liability for personal injury claims can be redeemed through a lump sum payment after a minimum of six months from the date of injury, subject to the approval of a workers' compensation magistrate. It requires carriers to notify employers of proposed redemption agreements at least 10 business days before a hearing, detailing the agreement's conditions and the employer's rights. The bill also introduces a fee structure for proposed redemption agreements, which will be used to support the administrative costs of the workers' compensation system.

Statutes affected:
Senate Introduced Bill: 418.625, 418.835
As Passed by the Senate: 418.625, 418.835