The bill amends Section 30-3-40.4 of the General Laws concerning the National Guard, specifically addressing the reimbursement of life insurance premiums for mobilized members. It establishes that any National Guard member mobilized for more than thirty days who opts for a federal term life insurance policy will be reimbursed from the general fund for the premiums incurred during their mobilization. The bill increases the maximum coverage amount eligible for reimbursement from four hundred thousand dollars ($400,000) to five hundred thousand dollars ($500,000).

Additionally, if a member chooses coverage exceeding the new limit of five hundred thousand dollars, the reimbursement will only cover the premiums for the first five hundred thousand dollars of coverage. This act is set to take effect upon passage.

Statutes affected:
29: 30-3-40.4