The proposed bill establishes the Catastrophic Illness in Children Relief Fund, which aims to provide financial assistance to families with children aged twenty-one years and younger who are affected by catastrophic illnesses. The fund will cover medical expenses that are not covered by any other state or federal programs or insurance contracts. A nine-member commission will be created to oversee the fund, consisting of the directors of the Department of Children, Youth and Families, the Department of Human Services, and the Department of Business Regulation, as well as the General Treasurer, all serving as ex officio members, and five public members appointed by the governor with the advice and consent of the Senate.

The commission will be responsible for administering the fund, establishing a program for financial assistance, determining eligibility, and setting procedures for applications and reimbursements. The commission will also establish a sliding fee scale for reimbursement based on a family's ability to pay, and will require families to reimburse the fund if they recover damages for medical expenses through legal action.

To finance the fund, the bill introduces a $1.50 annual surcharge per employee for all employers subject to employment security laws. The commission will report annually to the governor and relevant legislative committees on the program's status, including the number of participants, average expenditures, types of catastrophic illnesses, and the financial circumstances of families receiving assistance. The act is set to take effect upon passage.