Creates the jockey health insurance reserve fund

Health insurance program for jockeys

The law requires franchised corporations, as a condition of racing, to run a program to buy health insurance for eligible jockeys. It is funded by 1.5% of the gross purse enhancement from video lottery gaming, paid into a separate account within 10 days and kept separate from other funds. At year end, the account keeps enough for the next 60 days of premiums; the rest goes to purses, into a reserve, or both, as agreed by the track and a jockeys’ group that represents at least 51% of eligible jockeys. A commission approved alternative funding source can replace these deposits; the same amount (up to that track’s original contribution) is then returned for purses. An extra reserve account may also be set up by agreement to cover upcoming premiums; if later not needed, leftover money returns to purses pro rata.