Q. What are examples of low-risk customers in insurance?

View solution

Q. Which category of customers poses an inherently higher than average risk to insurance companies?

View solution

Q. Why does diligence in identification need to be of high order in the case of high-risk customers?

View solution

Q. Which types of insurance products are considered vulnerable in terms of risk?

View solution

Q. What calls for detailed due diligence according to KYC norms in insurance?

View solution

Q. When is it necessary to establish insurable interest according to KYC norms?

View solution

Q. How should payments be made according to KYC norms in insurance?

View solution

Q. What should attract more attention and detailed checks from an Anti-Money Laundering (AML) perspective in insurance?

View solution

Q. What should insurers be cautious about regarding payments on insurance contracts according to KYC norms?

View solution

Q. How does the insurance business compare to other participants in the financial sector in terms of vulnerability to money laundering?

View solution

Q. What are some enabling features of insurance contracts that can be misused for money laundering purposes?

View solution

Q. What responsibility do insurance companies have regarding anti-money laundering (AML) programs according to IRDA guidelines?

View solution

Q. What is the role of the senior level officer appointed by insurance companies in implementing AML programs?

View solution

Q. Why are restrictions placed on acceptance of cash beyond Rs. 50,000 in premium or proposal deposit remittances in the insurance sector?

View solution

Q. What is the purpose of setting up Financial Intelligence Units (FIUs) in various jurisdictions?

View solution

Q. What is the obligation of financial institutions regarding reporting to the Financial Intelligence Unit in India (FIU-IND)?

View solution

Q. How long are records of transactions reported to the FIU required to be retained by insurance companies?

View solution

Q. What are the record-keeping requirements for customer identification data according to AML guidelines?

View solution

Q. Why is it important for insurance companies to have adequate screening procedures when hiring employees and agents?

View solution

Q. What is the role of employees and agents in effective compliance with Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) programs?

View solution