The bill proposes an amendment to Section 30-3-40.4 of the General Laws in the chapter entitled "National Guard." The amendment involves the payment of life insurance premiums for members of the National Guard who have been mobilized for more than 30 days. The bill stipulates that these members, who elect coverage under a term life insurance policy issued by the federal government, will be reimbursed for the cost of premiums from the general fund. The significant change in the bill is the increase in the maximum amount of coverage for which the state will provide reimbursement. The previous coverage amount was up to $400,000, and the bill proposes to increase this to $500,000.
The explanation provided by the Legislative Council clarifies that the purpose of the act is to raise the life insurance coverage provided by the state of Rhode Island to National Guard members called up for federal duty to $500,000 at no charge to the members. The act is set to take effect immediately upon passage. The bill includes both insertions and deletions to reflect the updated coverage amount, changing references from four hundred thousand dollars ($400,000) to five hundred thousand dollars ($500,000).
Statutes affected: 7595: 30-3-40.4