MEYER-CHATFIELD ADMINISTRATIVE SERVICES (MCAS)

SAS 70 Type I and Type II compliant.

We know our clients have to deal with rigorous regulations and we’ve built our business with compliance in mind. Our years of experience and hundreds of bank clients have given us an extensive understanding of every possible administrative BOLI requirement for a bank.

At MCAS we carefully plan and oversee product implementation from set-up through ongoing administration. Our commitment to our clients is simple: We will provide outstanding service for the life of the programs we administer.

MCAS was founded to provide BOLI administration services, exclusively for Meyer-Chatfield clients. As the market has evolved the demand for our services has gone to the point where we have made available our administrative servicing progam to other financial institutions.

MCAS is perpetually funded by a portion of the revenue on the creation and placement of BOLI programs. As long as MCAS is still the record keeper and broker of record, MCAS funds the administration of the program for the life of the plan. Using MCAS is an excellent business decision as it introduces a cost effective, best of class administrative framework.

MCAS Offers

During the Transaction Process

  • Participant Enrolment
  • Product Placement
  • Policy Issue
  • Documentation

Up to Date Documentation

  • Regulatory Documentation - MCAS works with the bank to complete both a regulatory manual and an administration manual.
  • The Regulatory Manual documents the ongoing due diligence process and demonstrates compliance with all regulatory guidelines.
  • The Administration Manual is a reference tool for the bank, which contains all policy information and other pertinent data for the ongoing plan administration. This documentation ensures that the bank officers and directors, as well as the regulators, understand the transaction.

Policy Reporting

  • Monthly or quarterly cash value reporting (client preference).
  • Carrier auditing and second business day summary.
  • Monthly cash value investment performance reports vs. benchmark.
  • Quarterly social security sweep.
  • Quarterly investment manager commentaries.
  • Updates on compliance issues regarding bank regulators, the insurance market or tax laws impacting BOLI.
  • Updates on carrier ratings and financials.
  • Analysis comparing the BOLI asset to the growth of the bank’s core capital.
  • Peer group analysis to compare BOLI holdings.
  • SERP, split dollar accruals where applicable.
  • Death claim processing.

Annual Review

  • In person or via telephone.
  • Review of past year’s performance.
  • Projection of the upcoming year’s performance.
  • Comprehensive assessment of the risks associated with BOLI.
  • Identification of the employees that are insured.
  • Analysis of death benefit amounts relative to employee salaries.
  • Identification of any material changes to the bank’s BOLI risk management polices.
  • Assessment of the effects of BOLI policy exchanges.
  • Analysis of mortality performance and impact on income.
  • Evaluation of material findings from internal or external audits and independent risk management reviews.

Meyer Chatfield Administrative Services’ procedures exceed the requirements established in Inter Agency Bulleting OCC 2004-56.

Long Term Commitment

We’ve made a significant investment in the development of a proprietary BOLI administration system named Meyer-Chatfield BOLI Audit Management. This system maintains information regarding the many aspects of a BOLI program. We are committed to continuing the enhancement of this system and plan to allow clients website access to their BOLI reports at the end of 2009. MCAS has completed the SAS 70 Type I audit, Type II audit.