Restrictions on Employer-owned Life Insurance Policies

Summary

If enacted, this bill would restrict employer-owned life insurance policies by requiring disclosures to key persons, prohibiting coverage of certain employees, voiding prohibited policies as against public policy, requiring insurer registration with OIR, and disallowing tax deductions for premiums and related expenses while subjecting death benefits to corporate income tax. The bill primarily affects insurers, employers, and key employees; it does not directly regulate mortgage lenders or servicers.