After the implementation of a benefit or BOLI plan, BCP provides our clients with ongoing consultative advice, risk management and administrative services. Over 400 financial institutions place their trust in our advisors to help them maintain efficient and compliant programs. Each of our client banks is assigned a dedicated Client Relationship Manager who is timely and accurate in providing accounting, tax, regulatory, legislative and other pertinent information related to your program. We are committed to this marketplace and to each and every client that has chosen us to be their partner.

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Regulatory Overview

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In order to purchase and maintain BOLI, banks must comply with guidelines jointly established by all four federal regulatory agencies—OCC, FRB, FDIC, and OTS—on December 7, 2004 with the issuance of The Interagency Statement on the Purchase and Risk Management of Life Insurance (most commonly referred to as OCC Bulletin 2004-56).

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The Statement was the 4th “version” of regulatory guidance, with prior communication having been issued in 1992, 1996, and 2000, and provides supervisory expectations related to the safe and sound banking practices that should be employed prior to effectuating a BOLI purchase as well as on-going risk management of in-force policies.

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BOLI is a highly regulated transaction and the individual institution is ultimately responsible for establishing effective senior management and board oversight to include the development of a pre-purchase analysis and the implementation of a comprehensive risk management process. The experience and expertise of the BCP team, complemented by our proactive approach and extensive resources, enable us to help you exceed the expectations outlined in the Interagency Statement and ensure the long-term success of your BOLI program.