Financial institutions are subject to additional regulatory oversight when contemplating the purchase of life insurance or the implementation of a nonqualified benefit plan. It is imperative that managers remain diligent in their monitoring of the ever-changing regulatory environment impacting these programs. The sections below provide references to pertinent regulations and guidance from applicable financial regulatory agencies, including the Federal Reserve, FDIC, NCUA, and OCC.
National Credit Union Administration (NCUA)
|Funding Employee Benefit Obligations with Life InsuranceFunding Employee Benefit Obligations with Life Insurance||NCUA Opinion Letters|
|Benefits for Employees of Federal Credit UnionsBenefits for Employees of Federal Credit Unions||Section 701.19|
Office of the Comptroller of the Currency (OCC)