Florida S0894 regulates employer-owned life insurance policies, requiring employer consent and limiting policy benefits.

Florida S0894 establishes rules for employer-owned life insurance policies, requiring employers to obtain written consent from key persons before purchasing a policy. The bill defines "key person" as an owner, senior executive, director, officer, partner, or manager whose death would cause financial harm to the business. Policies covering rank-and-file employees are prohibited unless specific conditions are met. Employers must inform key persons that the policy benefits the employer, not the employee, and provide a standard form detailing this information.

Florida S0894 regulates employer-owned life insurance policies, requiring employer consent and limiting policy benefits.

Florida S0894 establishes rules for employer-owned life insurance policies, requiring employers to obtain written consent from key persons before purchasing a policy. The bill defines "key person" as an owner, senior executive, director, officer, partner, or manager whose death would cause financial harm to the business. Policies covering rank-and-file employees are prohibited unless specific conditions are met. Employers must inform key persons that the policy benefits the employer, not the employee, and provide a standard form detailing this information.