SB 5979 - DIGEST

Declares that the purposes of this act are to: (1) Create an efficient and cost-effective industrial insurance system for the benefit of both employers and workers by introducing competition into the system through a choice of insurance carriers, including a competitive state fund, from whom employers may purchase industrial insurance;

(2) Improve the administration of the industrial insurance system by streamlining the laws and processes to reduce cost and litigation and to achieve both administrative efficiency and justice for injured workers;

(3) Provide workers the benefits of safety systems developed by both private enterprise and by government; and

(4) Improve the state's economic climate by providing the private sector with the opportunity to engage in the industrial insurance business under government regulation.

Establishes the joint select committee on industrial insurance competition.