ITB 11-04: New COLI legislation recently introduced

Insurance Tax Bulletin

Representative Gene Green recently introduced legislation, the Life Insurance Employee Notification Act (H.R. 130), to prevent the nondisclosure of employer-owned life insurance (COLI) coverage of employees as an unfair and deceptive act or practice. The bill would require employee notice of COLI, similar to those enacted in 2006. These requirements, however, would be enforced through the Federal Trade Commission Act, rather than the Internal Revenue Code.

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