The proposed bill establishes a new chapter in Title 23 of the General Laws, titled "Catastrophic Illness in Children Relief Fund." This fund aims to provide financial assistance to families with children aged twenty-one years and younger who are facing catastrophic illnesses, defined as medical conditions with expenses exceeding ten percent of a family's income that are not covered by any other state or federal program or any insurance contract.

The bill outlines the creation of a nine-member commission responsible for administering the fund, which will be a nonlapsing, revolving fund managed by the general treasurer. The commission will consist of the directors of the departments of children, youth and families, human services, and business regulation, as well as the general treasurer, all serving as ex officio members, along with five public members appointed by the governor. The commission will have the authority to establish eligibility criteria, application procedures, and reimbursement processes for medical expenses.

To finance the fund, the bill introduces a $1.50 annual surcharge per employee for employers subject to employment security laws, which will be collected by the director of the department of labor and training and deposited into the fund. The commission is tasked with reporting annually to the governor and relevant legislative committees on the program's status, including the number of participants, average expenditures per participant, the nature and type of catastrophic illnesses covered, and the average income and expenditures of families receiving assistance. The act is set to take effect upon passage, aiming to alleviate the financial burden on families dealing with catastrophic illnesses in children.