Senate Bill No. 29 - Summary

• Requires employees to provide written consent before an employer may purchase life or disability insurance covering the employee.

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

• Changes the consent requirement from a notice-and-objection model (where employees had 30 days to object) to an affirmative written consent model that must be obtained before coverage is issued.

• Maintains that employers have an insurable interest in employees if they provide life insurance, health insurance, disability insurance, retirement benefits, or similar benefits.

• Effective July 1, 2012.