System for designing and implementing bank owned life insurance (BOLI) with a reinsurance option
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[edit] Patent Title
System for designing and implementing bank owned life insurance (BOLI) with a reinsurance option
[edit] Patent Number
US Patent 5806042
[edit] Abstract
The present invention involves a computer software and hardware system which smoothly integrates the following functions into an integrated computer-based system for designing and administering a BOLI plan for national banks under current federal and state guidelines and financial market constraints. The systems includes determining the highest BOLI premium permitted under OCC Banking Circular 9651, determining insurable interest requirements by accessing a database with the appropriate state's insurable interest guidelines, generating performance estimates for the BOLI plan and allocating premium amount by business unit and employee. The system also ensures that the BOLI plan is in compliance with the regulatory requirements for the business unit. In addition, the system reinsures the BOLI plan through a captive insurance company of the financial organization, obtaining policy values for the captive insurance company. Other aspects of the system include verifying, reconciling, consolidating and reporting policy values for the financial organization, and performing administrative procedures for the BOLI plan of the financial organization.
[edit] Inventors
Kelly; William Franklin (Naperville, IL), Bennett; Charles D. (Brookfield, WI), Wamberg; Warren T. (Barrington Hills, IL)
[edit] Filed Date
October 11, 1995
[edit] Links
Full Patent Information [1]
