FL H0261

Creates s. 627.4635, F.S., restricting employer-owned life insurance (EOLI) policies to cover only "key persons" (owners, senior executives, directors, officers, partners, or managers) with informed written consent, limiting employers to five such policies without prior approval from the Office of Insurance Regulation

Prohibits EOLI policies covering rank-and-file employees, declaring any such policies void as against public policy, and caps death benefits at five times the key person's average annual compensation for the preceding three years

Requires insurers to file notice with the Office of Insurance Regulation, which must maintain a publicly searchable online registry and publish annual reports; employers must publicly disclose compliance on their websites

Eliminates tax deductions for EOLI premiums, loan interest, and related expenses under state law, and subjects death benefits received by employers to corporate income tax unless paid directly to the employee's estate or family

Establishes civil penalties up to five times the death benefit collected for employer violations, administrative fines up to $1 million per violation for insurers, and grants employee families a private right of action to recover benefits collected in violation; effective July 1, 2026