Synopsis As Introduced Creates the Workers' Compensation Insurance Fund Act. Creates the Workers' Compensation Insurance State Fund as an independent body corporate and politic for the purpose of insuring employers against liability for compensation under the Workers' Compensation Act. Provides that the Fund shall be administered by the Department of Insurance without liability on the part of the State.
This legislation will not impact any public pension fund or retirement system in Illinois.
Judicial Note (Admin Office of the Illinois Courts)
This bill would neither increase nor decrease the number of judges needed in the State.
Fiscal Note (Dept of Insurance)
To regulate such requirements brought about by this legislation, the Department of Insurance would need to add, at minimum, four (4) full time staff. Though immediate staffing needs have been identified, additional staff may be required in the future. The four (4) employees would work within the Department's Health Products Division at a total cost to the Department of Insurance of approximately $522,927 for personal services and related expenses. The projected costs associated with these responsibilities is expected to be covered by other, dedicated State funding.
State Mandates Fiscal Note (Dept. of Commerce & Economic Opportunity)
This bill does not create a State mandate.
Home Rule Note (Dept. of Commerce & Economic Opportunity)