(a) There is established a firefighters cancer relief fund advisory committee to annually evaluate the financial solvency of the firefighters cancer relief account established in section 7-313h. Such evaluation shall include, but need not be limited to, (1) analyzing the fund balance, claims data and the quarterly report provided by the State Treasurer pursuant to section 7-313r, (2) identifying the need for a new funding mechanism for the firefighters cancer relief account, and (3) determining the necessity of purchasing insurance to help maintain the solvency of the account.

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(b) The advisory committee shall consist of the following members:

(1) One appointed by the speaker of the House of Representatives, who shall have experience in investment fund management;

(2) One appointed by the president pro tempore of the Senate, who shall have expertise in the state’s workers’ compensation program;

(3) One appointed by the majority leader of the House of Representatives, who shall have expertise in maintaining solvency;

(4) One appointed by the majority leader of the Senate, who shall have expertise in making investments;

(5) One appointed by the minority leader of the House of Representatives;

(6) One appointed by the minority leader of the Senate;

(7) Two representatives of the Connecticut Conference of Municipalities;

(8) One representative of the Uniformed Professional Fire Fighters Association of Connecticut;

(9) One representative of the Connecticut State Firefighters Association;

(10) The State Treasurer, or the State Treasurer’s designee;

(11) The Comptroller, or the Comptroller’s designee; and

(12) One representative of the Governor’s office.

(c) Any member of the advisory committee appointed under subdivision (1), (2), (3), (4), (5) or (6) of subsection (b) of this section may be a member of the General Assembly.

(d) All initial appointments to the advisory committee shall be made not later than thirty days after June 12, 2023. Any vacancy shall be filled by the appointing authority.

(e) The speaker of the House of Representatives and the president pro tempore of the Senate shall select the chairpersons of the advisory committee from among the members of the advisory committee. Such chairpersons shall schedule the first meeting of the advisory committee, which shall be held not later than sixty days after June 12, 2023.

(f) The administrative staff of the joint standing committee of the General Assembly having cognizance of matters relating to labor and public employees shall serve as administrative staff of the advisory committee.

(g) Not later than January 1, 2024, and annually thereafter, the advisory committee shall submit a report on its findings and recommendations to the joint standing committee of the General Assembly having cognizance of matters relating to labor and public employees, in accordance with the provisions of section 11-4a.