MS HB87

Increases the maximum life insurance policy death benefit that industrial life insurers can offer from $5,000 to $20,000, exclusive of multiple indemnity benefits

Industrial life insurers remain subject to existing limits on other products: disability policies capped at $60 per week, dismemberment/loss of eyesight benefits at $5,000 per policy year, and hospitalization/medical costs at $3,500 per policy year

Industrial life insurance companies may organize with minimum capital of $100,000 and minimum surplus of $50,000, which is lower than requirements for other insurance company types

Effective date of July 1, 2012