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MS HB71

Bill

Official Source

Status

Failed

2/5/2013

Primary Sponsor

Stephen Holland

Click for details

Origin

House of Representatives

2013 Regular Session

AI Summary

  • Increases the maximum life insurance policy death benefit limit for industrial life insurers from $5,000 to $20,000 in aggregate value, exclusive of multiple indemnity benefits.
  • Maintains existing limits on disability policies ($60 per week), dismemberment/loss of eyesight policies ($5,000 per policy year), and hospitalization/medical policies ($3,500 per policy year).
  • Industrial life insurers continue to require minimum capital of $100,000 and minimum surplus of $50,000 to organize.
  • Effective date is July 1, 2013.

Legislative Description

Industrial life insurers; increase maximum life insurance policy from $5,000.00 to $20,000.00.

Last Action

Died In Committee

2/5/2013

Committee Referrals

Insurance1/11/2013

Full Bill Text

No bill text available