Market turmoil during the financial crises revealed an entirely new and formidable reality relating to all forms of counterparty risk, and BOLI is no exception. Whether a bank owns general account, separate account, or hybrid BOLI, or a combination thereof, identifying and managing BOLI-related counterparty risk is a demanding, multifaceted task requiring rigorous inquiry and input from a diverse, interdisciplinary team. This paper is intended to identify some of the key counterparty risk exposures that banks may face with respect to their BOLI holdings and to explain under what circumstances those exposures may become problematic.