Bank Owned Life Insurance Services

Review Existing BOLI

Having a BOLI purchase on the books can be a wise choice by banks. But it can be unwise to fail to review that purchase from time to time. Carriers and products change over time, as do BOLI regulations. As a result, banks should periodically raise questions such as:

• Is the carrier highly rated by third-party rating agencies?
• Are there surrender charges that might be assessed if changes are made to the policies?
• What is the level of commitment of the carrier to the BOLI market and to maintaining competitive products?

It is also essential to ensure that the bank is in compliance with current BOLI regulations with regard to any BOLI that is owned, and that the policies are being managed and administered according to OCC guidelines. Having BOLI policies reviewed from time to time not only helps to ensure ongoing compliance, but will also help the bank maintain solid, long-term product performance.

Contact Bank Consulting Group to receive a free review of your bank's BOLI purchases. Our consultants will research the carriers, products and service providers, and provide straight-forward recommendations on BOLI strategies.