Bank Owned Life Insurance Administration

Implementation Services

Assist with the bank's Pre-Purchase Analysis, including all documentation required by applicable regulatory guidance
Assist with communication with Bank's Board of Directors and provide a sample board resolution
Consult with the Bank concerning the census of insureds and BOLI premium allocation among the insureds by carrier
Begin the underwriting process with each applicable insurance carrier
Coordinate the wiring of funds with each insurance carrier
Communicate insurance offers and reallocate premium to obtain best policy yields
Review existing benefit agreements to determine if any amendments are necessary due to insurance changes
Recalculate financial statement impact of benefit plan based on final terms of the documents
Review insurance policies and deliver policies to the bank
Assist with filing of death benefit endorsements that may be utilized by the benefit plan agreements
Provide Bank with Administrative Manual to be used to store annual updated information concerning cash values, death benefits, census information, and procedures for filing death claims