Florida H0261 restricts employer-owned life insurance policies, requiring employer consent and limiting coverage to key persons.

Florida H0261 establishes rules for employer-owned life insurance policies, allowing coverage only for key persons with employer consent and limiting the number of such policies. Employers must inform key persons that the policy benefits them only if they opt out. The bill also mandates public disclosure of such policies and prohibits tax deductions for related expenses. Violations incur penalties, including fines and potential suspension of insurance licenses.

Florida H0261 restricts employer-owned life insurance policies, requiring employer consent and limiting coverage to key persons.

Florida H0261 establishes rules for employer-owned life insurance policies, allowing coverage only for key persons with employer consent and limiting the number of such policies. Employers must inform key persons that the policy benefits them only if they opt out. The bill also mandates public disclosure of such policies and prohibits tax deductions for related expenses. Violations incur penalties, including fines and potential suspension of insurance licenses.