MS HB540

Increases the maximum life insurance policy death benefits for industrial life insurers from $5,000 to $20,000 in aggregate value, exclusive of multiple indemnity benefits.

Maintains all other industrial life insurance policy limits unchanged, including disability benefits at $60 per week, dismemberment benefits at $5,000 per policy year, and hospitalization/medical benefits at $3,500 per policy year.

Preserves the minimum capital requirement of $100,000 and minimum surplus requirement of $50,000 for companies organizing to transact industrial plan life insurance business.

Takes effect July 1, 2014.