MS HB986

Renames the "Insurance Department Fund" to the "Insurance Department Fraud Detection Trust Fund" and establishes it as a special fund in the State Treasury to combat insurance fraud involving deepfakes, synthetic identities, and cyberfraud.

Increases the maximum annual contributions from property and casualty insurance companies from $750,000 to $1,000,000 per fiscal year.

Increases the maximum annual contributions from life, health, accident insurance companies and health maintenance organizations from $750,000 to $1,000,000 per fiscal year.

Removes the requirement that collected funds be deposited into the State General Fund, allowing unexpended amounts to remain in the special fund rather than lapsing at fiscal year end.

Takes effect July 1, 2026.