LRB-4060/1
PJK:jld:pg
2005 - 2006 LEGISLATURE
February 7, 2006 - Introduced by Representatives Lehman, Hebl, Turner, Boyle,
Berceau and Sherman, cosponsored by Senators Miller, Coggs and Risser.
Referred to Committee on Insurance.
AB997,1,2
1An Act to amend 607.02 (2) of the statutes;
relating to: increasing the limit on
2policies issued by the state life insurance fund.
Analysis by the Legislative Reference Bureau
The Office of the Commissioner of Insurance administers the state life
insurance fund (fund). The fund may issue any type of life insurance policy, with a
limit not exceeding $10,000, to a state resident. Premiums are paid into the fund,
and net profits are distributed annually among policyholders. The state is not liable
for any obligation of the fund. This bill increases the limit on a life insurance policy
that may be issued by the fund from $10,000 to $20,000.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB997, s. 1
3Section
1. 607.02 (2) of the statutes is amended to read:
AB997,1,54
607.02
(2) Limits on policies from fund. No policies may be issued on any one
5risk exceeding
$10,000 $20,000 for residents of this state.
