Our BOLI Implementation Process
The long-term success of your benefit-financing program depends on the expertise of its design, management and support. To ensure that your BOLI portfolio complies with complex regulatory and reporting requirements – including insurable interest, equity and risk parameters – Schiff Executive Benefits in conjunction with one of our Third Party consulting companies will help manage your BOLI from pre-purchase assessment through post-purchase administration – ie. the BOLI Process.
Schiff Executive Benefits has implemented standards that meet the guidelines for purchasing BOLI as outlined in OCC Bulletin 2004-56 and have working relationships with Accountants, Attorneys and Third Party Administrators who can administer these plans on behalf of our clients. Our Initial pre-purchase analysis will evaluate the following:
- Calculate employee benefit liabilities
- Conduct OCC testing for insurance and benefits
- Analyze insurable interest
- Analyze risks (credit, price, interest rate, legislative)
- Prepare financial models (test risk positions, policy surrender, etc.)
- Review carrier investment strategy
- Review policy characteristics (general account, separate account, variations)
- Reverse-engineer products
- Negotiate final pricing with carriers
- Assist in Board review