The bill amends Section 30-3-40.4 of the General Laws concerning the reimbursement of life insurance premiums for members of the National Guard who have been mobilized for federal duty. It introduces a new provision for the payment of life insurance premiums, allowing members who elect coverage under a federal term life insurance policy to be reimbursed from the general fund for the premiums incurred during their mobilization. The bill raises 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 opts for coverage exceeding 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