BILL REQ. #:  H-2724.1 

     AN ACT Relating to life insurance policies; adding a new section to chapter 48.23 RCW; and adding a new section to chapter 48.24 RCW.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

NEW SECTION.  Sec. 1   A new section is added to chapter 48.23 RCW to read as follows:
     A life insurer may issue and deliver an individual life insurance policy where the minimum death benefit under the policy does not equal or exceed the cumulative premiums for the policy if the amount of the minimum death benefit equals or exceeds five thousand dollars.

NEW SECTION.  Sec. 2   A new section is added to chapter 48.24 RCW to read as follows:
     A life insurer may issue and deliver coverage under a group life insurance policy where the minimum death benefit provided under the policy or certificate does not equal or exceed the cumulative premiums for the policy if the amount of the minimum death benefit equals or exceeds five thousand dollars. The group life policy may be offered and sold whether or not the insured will pay all or substantially all of the premiums for the coverage if the policy is converted from coverage under the group policy to an individual policy.