Creates the jockey health insurance reserve fund for the payment of premiums not yet paid; provides for the return of funds if such reserve fund becomes no longer necessary.
The bill aims to improve the overall welfare of jockeys by providing a more stable and secure avenue for their health insurance needs. This initiative reflects a growing recognition of the importance of supporting equine athletes and their riders, particularly in light of the health challenges faced by those in this profession. By establishing a separate reserve fund, the bill also ensures that the funds earmarked for health insurance are not commingled with other resources, which could potentially lead to mismanagement or inadequate funding for health-related needs.
Bill A05921, introduced in the New York Assembly, seeks to amend the racing, pari-mutuel wagering, and breeding law by establishing a Jockey Health Insurance Reserve Fund. This fund will be created specifically to ensure that jockeys have access to health insurance, which is critical given the physical demands and risks associated with their profession. The funding for this initiative will come from a designated percentage of the gross purse enhancement amount arising from video lottery gaming at thoroughbred tracks.
Notably, the bill includes provisions for the distribution of any unused funds from the reserve, which will either be returned to the contributors on a pro rata basis or redirected to enhancing race purses. This aspect could lead to debates around prioritizing jockey welfare versus financial incentives for horse racing operations. Moreover, the establishment of a segregated account signifies a move towards better financial transparency and accountability in the management of funds intended for jockey health insurance, a topic that has seen contention in past discussions regarding equine and jockey welfare.