Senate Finance Committee OKs COLI Provision
The life insurance industry is praising the Senate Finance Committees vote in favor of a corporate-owned life insurance measure aimed at combatting allegations of abuse.
Frank Keating, president of the American Council of Life Insurers, says the COLI language ensures the continued viability of the product.
“The committee got it right in tying COLI coverage to employee consent and in requiring employers to make covered employees aware that coverage can extend post-employment,” he says.
Bob Plybon, president of the Association for Advanced Life Underwriting, Falls Church, Va., says thousands of insurance jobs are connected to COLI, in addition to its being an important factor in providing employee benefits.