LRB-3718/2
PJK:jld:ph
2009 - 2010 LEGISLATURE
January 22, 2010 - Introduced by Representatives Schneider, Hubler, Sinicki and
Roys. Referred to Committee on Insurance.
AB673,1,3 1An Act to renumber and amend 607.02 (2); and to create 607.02 (2) (b) of the
2statutes; relating to: increasing the limit on policies issued by the state life
3insurance 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 maximum limit on a life insurance policy that may be
issued by the fund from $10,000 to $75,000. In addition, the bill requires the
commissioner of insurance, who is the fund manager, to adjust the maximum limit
amount annually, beginning in 2011, by the annual change in the consumer price
index and to publish the adjusted amount in the Wisconsin Administrative Register.
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:
AB673, s. 1 4Section 1. 607.02 (2) of the statutes is renumbered 607.02 (2) (a) and amended
5to read:
AB673,2,2
1607.02 (2) (a) No Subject to par. (b), no policies may be issued on any one risk
2exceeding $10,000 $75,000 for residents of this state.
AB673, s. 2 3Section 2. 607.02 (2) (b) of the statutes is created to read:
AB673,2,74 607.02 (2) (b) Annually, beginning in 2011, the manager shall adjust the
5maximum dollar amount specified in par. (a) by the annual change in the consumer
6price index, as determined under s. 16.004 (8) (e) 1., and publish the adjusted amount
7in the Wisconsin Administrative Register.
AB673,2,88 (End)
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