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Louisiana Patient's Compensation Fund, Amendment 3 (October 2011), constitutional text changes

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Back to Louisiana Patient's Compensation Fund, Amendment 3 (October 2011)
Louisiana Constitution
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If approved by voters on October 22, 2011 Amendment 3 would add Article XII, Section 16.[1]

The new Article XII, Section 16 would read:

§16. Patient's Compensation Fund

Section 16.(A) Authorization. Notwithstanding any other provision of this constitution to the contrary, the legislature may establish a private custodial fund to be designated the "Patient's Compensation Fund." Any deposits into a fund established pursuant to this Section are not public monies, but are self-generated, private monies to be held in trust by a board created by the legislature for the use, benefit, and protection of medical malpractice claimants and the private health care provider members. Pursuant to Article VII, Section 10(J) of this constitution, such funds shall not be defined as state general funds or dedicated funds required for deposit in the state treasury.

(B) Patient's Compensation Fund assets. The assets of a fund, when established pursuant to this Section, shall not be state property, shall not be subject to appropriation by the legislature, and shall not be required for deposit in the state treasury pursuant to Article VII, Section 9(A) of this constitution. Assets of such a fund shall consist of all surcharges collected from health care provider members and filing fees collected from claimants, all reserves to pay future claims, all interest earned upon any monies invested by the board, any securities acquired through the investment of fund monies, all earnings on such securities, and all other monies and assets deposited into the fund.
(C) Guaranty fund. Any such fund created pursuant to this Section shall be exempt from participation in and shall not join or contribute financially to or be entitled to the protection of any plan, pool, association, or guaranty fund or insolvency fund.
(D) Full faith and credit. No fund nor board that may be created pursuant to this Section may rely on the full faith and credit of this state for the payment of legal obligations.
(E) State general funds. Any such fund or board created pursuant to this Section shall not be entitled to an appropriation of state general funds without a specific appropriation approved by the legislature.