Senate Bill No. 160 - Summary

• Requires written consent from an employee before an employer can purchase life or disability insurance covering that employee.

• Limits life or disability insurance payable under employer-purchased policies to an amount equal to the employee's annual salary.

• Defines "employee" to include directors, officers, partners, managers, nonmanagement employees, and retired employees.

• Establishes that employers and trust trustees have insurable interest in employees when providing life insurance, health insurance, disability insurance, retirement benefits, or similar benefits.

• Effective July 1, 2011.