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[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 414 Introduced in House (IH)]

108th CONGRESS
  1st Session
                                H. R. 414

To deem the nondisclosure of employer-owned life insurance coverage of 
 employees an unfair trade practice under the Federal Trade Commission 
                      Act, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                            January 28, 2003

Mr. Green of Texas introduced the following bill; which was referred to 
 the Committee on Education and the Workforce, and in addition to the 
   Committee on Energy and Commerce, for a period to be subsequently 
   determined by the Speaker, in each case for consideration of such 
 provisions as fall within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL

 
To deem the nondisclosure of employer-owned life insurance coverage of 
 employees an unfair trade practice under the Federal Trade Commission 
                      Act, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Life Insurance Employee Notification 
Act''.

SEC. 2. DISCLOSURE OF EMPLOYER-OWNED LIFE INSURANCE COVERAGE OF 
              EMPLOYEES.

    (a) Written Notice Required.--Except as provided in subsection (b), 
not later than 30 days after the date on which an employer purchases an 
employer-owned insurance policy on the life of an employee (or a spouse 
or dependent of the employee), the employer shall provide to each 
employee for whom the employer carries such a policy a written notice 
that contains the following information:
            (1) A statement that the employer carries an employer-owned 
        insurance policy on the life of the employee.
            (2) The identity of the insurance carrier of the policy.
            (3) The benefit amount of the policy.
            (4) The name of the beneficiary of the policy.
    (b) Transition.--
            (1) Notice to former covered employees.--For former 
        employees covered by an insurance policy described in 
        subsection (a), for any length of time, from January 1, 1985, 
        until the date of enactment of this Act, the employer shall 
        provide the notice required under that subsection not later 
        than 1 year after such date of enactment.
            (2) Notice of existing covered employees.--For employees 
        covered by an insurance policy described in subsection (a) as 
        of the date of enactment of this Act, the employer shall 
        provide the notice required under that subsection not later 
        than 90 days after such date of enactment.
    (c) Enforcement.--A violation of this section constitutes an unfair 
method of competition and an unfair or deceptive act or practice under 
section 5(a)(1) of the Federal Trade Commission Act (15 U.S.C. 
45(a)(1)).
    (d) Employer-Owned Insurance Policy Defined.--The term ``employer-
owned insurance policy'' means an insurance policy purchased by the 
employer for the benefit of a person other than the individual who is 
the subject of the policy (or other than a person designated by such 
individual).
                                 <all>
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