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SB 894: Restrictions on Employer-owned Life Insurance Policies

GENERAL BILL by Martin

Restrictions on Employer-owned Life Insurance Policies; Authorizing employer-owned life insurance policies covering certain key persons of business entities, organizations, companies, and corporations under specified circumstances; providing that premiums, loan interests, and expenses related to employer-owned life insurance are not tax deductible; specifying that insurers that violate certain provisions are subject to a fine of up to $1 million per violation and may have its authority to transact insurance suspended or revoked, etc.

Effective Date: 7/1/2026
Last Action: 1/13/2026 Senate - Introduced
Bill Text: Web Page | PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Appropriations Committee on Agriculture, Environment, and General Government (AEG)
  3. Fiscal Policy (FP)


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Bill History

Date Chamber Action
12/12/2025 Senate • Filed
12/16/2025 Senate • Referred to Banking and Insurance; Appropriations Committee on Agriculture, Environment, and General Government; Fiscal Policy
1/13/2026 Senate • Introduced