Bank Owned Life Insurance (BOLI) Policy
This Bank Owned Life Insurance Policy is intended to adhere to federal regulatory guidelines regarding the purchase of and risk management for bank-owned life insurance (BOLI) to ensure that risk management processes are consistent with safe and sound banking practices. In general, management has the responsibility to provide effective oversight of BOLI, including both a thorough pre-purchase analysis of risks and rewards and post purchase risk assessment. The other topics of this policy address the permissibility of BOLI purchases and holdings, in addition to their risks and associated safety and soundness considerations. In addition, this policy addresses the various types of insurance and the purposes for which the Bank commonly purchases life insurance.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Regulatory Applicability – Topic 4
- Program Overview – Topic 5
- Risk Management – Topic 6
- Accounting Considerations – Topic 7
- Risk Based Capital Treatment – Topic 8
- Audit Policy – Topic
- Staff Training – Topic 10
- Retention of Documentation – Topic 11
This Bank Owned Life Insurance Policy (approximately 21 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
Product Update Protection Plan
Ensure your purchase from BankPolicies.com remains current by adding a Product Update Protection Plan to your shopping cart. You’ll automatically receive an updated version via email every time it’s revised, within one year from the last date of purchase.
