COLI Bill Awaits Subcommittee Action

A bill that would limit corporate-owned life insurance coverage of employees is idling in a subcommittee. Called the Employer Owned Life Insurance Limitation Act, HR 3669 would prohibit employers from taking out life insurance on employees, except those making more than $1 million annually. For those workers, a company would have 30 days to notify the employee of the policy. HR 3669 is similar to HR 251, which would prevent companies from taking out life insurance policies on workers without telling them. Both bills are now in the Subcommittee on Health, Employment, Labor and Pensions.