Corporate Owned Life Insurance (COLI) & Bank Owned Life Insurance (BOLI)
Corporations buy permanent life insurance to informally fund and finance future obligations of the corporation, such as post retirement life and health insurance, executive deferred compensation plans and SERPS and other long term employee benefits obligations. The corporation is the owner, premium payor and the beneficiary of the life insurance policies.
The corporation may set up a Trust to own the insurance policies in order to segregate the insurance assets and cash flows from other corporate assets and cash flows. However, the insurance in the Trust is treated for tax and accounting purposes just like other corporate assets and earnings. Sometimes these Trusts are set up as Rabbi Trusts which protect the assets on behalf of the beneficiaries of the Trust in case of a change in management of the corporation. The COLI and BOLI tax attributes, which make the insurance
Since 1985, Steven Eisenberg has worked extensively in the COLI and BOLI market (variable and general account products and traditional and universal life insurance products).
In 1986, he pioneered the development of large case COLI (both leveraged and
Steven Eisenberg founded, developed and was the senior managing partner of Milliman & Robertson’s (now known as Milliman) Atlanta life insurance practice until he retired from Milliman at the end of 1998. Milliman has one of the largest actuarial life insurance consulting practices in the United States. Almost all of the firm’s COLI and BOLI work was developed or directed by Steven and his Atlanta office staff. From the
Steven has continued to work extensively with COLI and BOLI.
His clients include life insurance companies, COLI and BOLI specialized broker organization, COLI and BOLI administrators and illustrations organizations, and the COLI or BOLI purchaser.
Much of his expert witness and litigation support involves COLI and BOLI and other
Call Steven A. Eisenberg at (404) 307-9861 today to tell him about expert advice required for COLI & BOLI
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