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October 06, 2002 at 08:00 PM
By
Washington
The sponsor of a corporate-owned life insurance disclosure bill is demanding that the House leadership schedule a public hearing for the legislation.
At a press conference, Rep. Gene Green, D-Texas, said that his legislation, H.R. 4551, has 51 co-sponsors, including both Republicans and Democrats, and that it addresses an important employee concern.
Nonetheless, he said, the legislation is stalled.
“Unfortunately, we have not been able to have a hearing in the Energy and Commerce Committee,” Green said.
“Companies buying secret life insurance policies on the lives of their rank-and-file employees is wrong, and I think it is important that people know about these policies,” he said.
The legislation, called the Life Insurance Employee Notification Act (LIEN), requires companies to disclose to covered employees that a COLI policy has been purchased in their names.
The bill is targeted at policies covering large numbers of rank-and-file employees, policies sometimes called “janitors insurance.”
“I support the free enterprise system and I want companies to make money, but they shouldnt be reaping profits from the deaths of their employees or former employees,” Green said.
