Bill seeks restrictions on COLI policies

Corporate-owned life insurance would face new restrictions under a bill sitting in a House subcommittee. Sponsored by Rep. Gene Green, D-Texas, HR 150 would prevent companies from taking out life insurance policies on employees, regardless of income, without telling them. The pension reform bill that became law last year included a provision that limits the use of COLI policies to the top 35% of earners in a company, or those making more than $100,000 per year. For more details, visit thomas.loc.gov