Following the release of ‘Capitalism,’ Rep. Gutiérrez will introduce legislation to curb ‘dead peasants insurance.’

(RAW STORY)   Yesterday, Michael Moore’s newest film, “Capitalism: A Love Story” was released in more than 1,000 theaters nationwide. One of the issues that Moore looks at is “dead peasants insurance,” where companies take out life insurance policies on their employees without their knowledge and then cash in when they die. Chicago Public Radio reports that Rep. Luis Gutiérrez (D-IL) will introduce legislation that will curb the ability of employers to take out these insurance policies:

Rep. Luis Gutiérrez (D-Chicago) is raising a red flag. He chairs the U.S. House Subcommittee on Financial Institutions and Consumer Credit.

This week Gutiérrez introduced a bill that would ban employer-owned life insurance unless the worker earns at least a million dollars a year from the company. He presented the legislation Wednesday on the House floor.

“In a nation where millions of full-time workers have no health insurance, maybe if we can prevent companies from betting on the death of their employees, they’ll invest in the health of their employees,” Gutierrez told Chicago Public Radio.

One Response to Following the release of ‘Capitalism,’ Rep. Gutiérrez will introduce legislation to curb ‘dead peasants insurance.’

  • The only thing wrong with this report is that the employers were betting on the continued life of their employees, not their deaths. That’s because the plans were tax schemes that only worked, and improved exponentially, while the policies were in effect. When an employee died, the company lost one more tree in the tax-avoidance orchard.

    The very idea that a company could “bet” on the lives of a large number of employees is incomprehensible to me. Bet against WHOM? The insurance companies that sell this stuff for a living? Do you really think the house loses that bet? YIKES!!!!!

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