Services
Iron Key Advantage
Administrative Services
Iron Key provides the following ongoing administrative services to the client:
Monthly, quarterly and/or annual reports detailing policy cash surrender value (“CSV”) and death benefit (“DB”).
Preparation of suggested journal entries for benefit plan expenses.
Preparation of annual participant statements and payroll reporting for applicable benefit plans.
Preparation of an annual BOLI Board Reporting package.
Preparation of IRS Form 8925 information.
Sweeps of the Social Security Administration’s Master Death File and other databases to assist with the death claims for insured employees.
Monitoring and reporting for regulatory compliance and additional insurance information as requested.
Annual cash value confirmations for insurance carriers for the client’s auditors, as requested.
Updates of the original census for employment status and last known address based on information provided by the client. The updated census will be used to provide an insured status report based on the categories of active and inactive.
Updates of insurance carrier ratings from Standard & Poor’s Corporation, Fitch Research, Moody’s Investors Services and A.M. Best Company. In the event of a material change in ratings or condition, Iron Key will notify the client as soon as possible.
Periodic updates of life insurance industry issues and other matters relevant to the insurance program.
Implementation Services
Our team works alongside advisors and their clients to help implement the most appropriate and beneficial solutions.
BOLI Pre-Purchase Analysis including documentation of:
The need for insurance
The characteristics of the available insurance products
The associated risks of BOLI and the bank’s ability to monitor and respond to those risks
Vendor information
The benefits of BOLI
Accounting considerations
Insurance carriers
The reasonableness of compensation provided to the insured employee if the insurance results in additional compensation
Regulatory considerations
