Insurance; authorize tax-exempt organizations to be beneficiaries of employee group life insurance policies

This bill was amended by the House Committee on Insurance to add stricter requirements for group life insurance policies. The key change is that employers must now both qualify as tax-exempt organizations under Section 501(c)(3) of the Internal Revenue Code AND be designated as beneficiaries in writing by the insured employee to offer group life insurance. This adds a new layer of protection and administrative requirement for employees seeking coverage.