Employer-Owned Life Insurance Limitation Act - Makes it unlawful for any employer to carry an employer-owned life insurance policy on any employee whose salary is less than $1 million per year.
Makes it also unlawful for any employer to carry an employer-owned life insurance policy not prohibited by this Act for an employee (earning $1 million or more per year) more than 30 days after that employee terminates employment with the employer.
Requirers an employer to notify an employee who is the subject of a non-prohibited employer-owned life insurance policy within 30 days after purchasing it.
Authorizes any employee who is the subject of a prohibited employer-owned life insurance policy (or the employee's spouse or next of kin if the employee is deceased) to commence a civil action in an appropriate U.S. district court to: (1) enjoin the employer from carrying such a policy; and (2) obtain specified damages.
Directs the Comptroller General to study and report to Congress on the incidence of employers carrying employer-owned life insurance policies on their employees, and related matters.
Prescribes criminal penalties for violation of this Act.