Creates the jockey health insurance reserve fund

Health insurance reserve option for jockeys

Effective immediately, the law requires franchised racing corporations to run a health insurance purchase program for eligible jockeys. This is a condition of racing. Licensed racing companies must deposit 1.5% of thoroughbred-track video lottery purse-enhancement revenue into a separate account within 10 days of receipt. The account must retain enough money for actual or expected premiums over the next 60 days. The racing corporation and a jockey group representing at least 51% of eligible jockeys jointly decide how to use leftover money. They can return it proportionally to contributors to increase race prize money, fund a separate premium reserve, or do both. The reserve is optional; annual contributions require agreement with a group representing at least 51% of eligible active jockeys. If the reserve is no longer needed, its balance returns proportionally to contributors for race prize money. Commission-approved alternative funding allows a matching refund for race prize money, capped at that contributor's original purse-enhancement contribution for the year.