MS HB1121

Increases the maximum life insurance policy death benefit limit for industrial life insurers from $5,000 to $10,000 in aggregate value, excluding multiple indemnity benefits.

Industrial life insurers remain subject to other limitations including disability benefits capped at $60 per week, dismemberment/eyesight loss benefits capped at $5,000 per policy year, and hospitalization/medical benefits capped at $3,500 per policy year.

Industrial life insurers must maintain minimum capital of $100,000 and minimum surplus of $50,000 to organize and conduct business.

Effective date is July 1, 2015.