Bill > HB401

This bill modifies Louisiana law regarding the Insurance Fraud Investigation Dedicated Fund Account by changing how unused funds are handled at the end of each fiscal year. Previously, any unexpended and unencumbered monies in the account were required to be refunded proportionally to insurers who had paid fees, but now these funds will instead remain in the account. The bill also repeals a specific subsection of the existing law (R.S. 40:1428(A)(3)), though the specific details of that subsection are not provided in the text. The monies in this dedicated fund account can only be used for purposes related to the fraud unit, fraud support unit, and insurance fraud section, and can only be spent in amounts appropriated by the state legislature. The bill will become effective upon the governor's signature or when the time for bill approval expires. This change essentially allows the Insurance Fraud Investigation Dedicated Fund Account to retain its unspent funds from year to year, potentially providing more financial stability for fraud investigation efforts.

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https://www.legis.la.gov/legis/BillInfo.aspx?s=25rs&b=HB401&sbi=y