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Bank Owned Life Insurance (BOLI) Policy

$175.00

The purpose of this Bank-Owned Life Insurance (BOLI) Policy Template is to adhere to federal regulatory guidelines regarding the purchase of and risk management for bank-owned life insurance 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.

Description

Bank Owned Life Insurance Policy

The purpose of this Bank Owned Life Insurance Policy Template is 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 Template (approximately 22 pages) is available to purchase from BankPolicies.com in Microsoft® Word format for $175.00.

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When updates are made you will receive detailed information regarding why the product was updated and what has changed within the product in our Product Update Notification e-mail correspondence. This enables you to make an informed decision on whether to make any changes to the policy or procedure you implemented for your financial institution from the revised template.

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