HB 1309 Summary

• Establishes a catastrophic injury trust fund to pay medical expenses for individuals with catastrophic injuries from motor vehicle accidents occurring after January 1, 2003.

• Defines "catastrophic injury" as a bodily injury where the injured individual complied with financial responsibility requirements and the motor vehicle insurance policy limits for reasonable medical expenses have been exceeded.

• Places the fund under administration of the Department of Insurance, with the State Treasurer investing unused money and accrued interest remaining in the fund.

• Specifies that fund money cannot be transferred or removed by the State Board of Finance, Budget Agency, or other state agencies, and does not revert to the general fund at fiscal year end.

• Takes effect July 1, 2010.