Want a custom BOLI peer group report for your Bank? Name Email Address Bank Name Submit I recently published the BOLI quarterly report for 2017Q1. If you would like a complete copy, please email me or message me (information below). The BOLI quarterly report provides...
Notice and Consent Requirement for BOLI One of the most common questions we get from current and prospective clients is what are their duties regarding notifying employees when a BOLI policy is contemplated. Not only is it a best practice do both notify and obtain...
Insurable Interest and BOLI: What you Need to Know To implement a BOLI program, a bank must first have an insurable interest in the person or potential insured individual. Insurable interest is a term of art – in its most basic form, it means that the owner of...
MEC Aggregation Rules and BOLI One of the key “tax pitfalls” that banks are unaware of when considering whether to surrender, take a loan from or assign a BOLI policy are the MEC Aggregation Rules. A modified endowment policy (“MEC”) is generally a single-premium...
Modified Endowment Contracts (MEC) and BOLI Bank Owned Life Insurance (“BOLI”) is sold either as a single pay or multi pay policy. Banks have an array of life insurance products from which to choose, ranging from term coverage to variable universal life. The Appendix...
Call Report Treatment of BOLI Many of our current clients have questions regarding how to enter BOLI accounting information on their call reports and TFRs. Below is guidance on how to record BOLI transactions. Quick Reference for Call Report Treatment of BOLI...
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