H261 · Restrictions on Employer-owned Life Insurance Policies

Restrictions on Employer-owned Life Insurance Policies; Authorizes employer-owned life insurance policies covering key persons of business entities, organizations, companies, & corporations under certain circumstances; requires certain disclosures to key persons; prohibits employer-owned life insurance policies covering certain employees; provides that policies covering such employees are void as against public policy; requires insurer notice to OIR of employer-owned life insurance policies; requires office to maintain registry & publish annual report; provides that premiums, loan interests, & expenses related to employer-owned life insurance are not tax deductible; subjecting death benefits received by employers to corporate income tax; requires OIR to adopt certain standard forms.