The proposed bill establishes the Catastrophic Illness in Children Relief Fund, which aims to provide financial assistance to families with children aged twenty-one (21) 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 program or insurance contract. 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, along with 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 have the authority to negotiate or settle claims for reimbursement against families who have received assistance and later recovered damages in legal actions.

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 the legislative committees responsible for issues affecting children, health, and human services, providing information on the number of participants, average expenditures, types of catastrophic illnesses covered, and the average income and expenditures of families receiving assistance. The act is set to take effect upon passage.