Post-Purchase Compliance:

As part of its regulatory requirement to document its actions, the bank must continue to monitor their purchase decision. In addition to routine services provided by their Third Party Administrator (TPA), the following BOLI Post-Sale Compliance services will be provided on a quarterly basis:

• Suggested General Ledger Entries for both Benefit Accounting and BOLI Accounting
  
  
• General Ledger Adjusting Entries for Plan Events
  
  
• Detailed Records of all Prior Period Accounting Transactions
  
  
• Comprehensive Benefit Plan Administration Manual
  
  
• On-Going Carrier Due Diligence
  
  
• Quarterly Testing for Concentration of Risk Compliance
  
  
• Quarterly Testing for Lending Limits Compliance
  
  
• Participant Benefit Statements
  
  
• Updates on Applicable Tax, Accounting and Regulatory Issues
  
  
• (800) Phone Access for Bank Management and Plan Participants
  
  
• Quarterly Social Security Sweeps to Track Former Insured Employees
  
  
• On-Demand Data for Audits
  

Assistance in Preparing Responses to IDRs All records relative to the bank’s decision to purchase BOLI will be maintained in a comprehensive BOLI Compliance Manual. The bank is encouraged to work closely with all of its advisors to monitor the purchase decision and product performance in a manner consistent with safe and sound banking practices.