HB986

Establishes the Insurance Department Fraud Detection Trust Fund to combat insurance fraud.

The bill creates the Insurance Department Fraud Detection Trust Fund, a special fund in the State Treasury, to be used for detecting insurance fraud, cybersecurity review, arson investigations, and other duties of the Insurance Commissioner. It mandates that property and casualty, life, health, and accident insurance companies, and health maintenance organizations contribute annually to the fund based on their gross premiums. The fund will replace the Insurance Department Fund, which previously relied on state appropriations.