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 requires insurers to file a notice of policy issuance with the director within 30 days of the policy's effective date and allows for electronic submissions of various notices, including termination of insurance and changes to an employer's details. Additionally, it mandates that insurers provide written notice to employers regarding proposed redemption agreements, detailing the agreement's conditions and the hearing process.

Key changes include the introduction of specific timeframes for notice submissions, the requirement for insurers to provide written refusals of coverage, and the establishment of a fee system for processing redemption agreements. The bill also clarifies that fees collected will be allocated to the worker's compensation administrative revolving fund, which is designated for specific agency-related costs such as education, case management, and hearings. Overall, these amendments aim to streamline the administrative processes and enhance communication between insurers and employers.

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