The bill proposes a transfer of $33.58 million from the state general fund to the state fund account, specifically for claims related to injuries occurring on or after July 1, 1990. This transfer is intended to rectify the financial impact of a previous legislative action from November 2017, which imposed a 3% management fee on the state fund, resulting in a wrongful taking of funds amounting to $28.3 million and lost investment earnings of approximately $5.28 million. The bill emphasizes that this transfer is necessary to restore the funds that were improperly taken and to ensure the state fund can adequately serve its policyholders.

Additionally, the bill includes a provision that establishes an effective date of July 1, 2023, for the enactment of this legislation. The intent is to address the financial discrepancies caused by the earlier management fee and to ensure that the state fund can continue to operate effectively without the burden of the previous financial misappropriation.