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

Q. Why is it important for employees and agents to be properly trained on AML/CFT?

View solution

Q. How are premiums typically collected by insurance companies in India?

View solution

Q. What is premium in the context of insurance?

View solution

Q. When is the premium typically paid by the insured?

View solution

Q. What factors generally influence the insurance premium?

View solution

Q. According to IRDA regulations, what are the approved methods for premium payment?

View solution

Q. According to Section 64 VB of the Insurance Act, when does the risk on the part of the insurer begin?

View solution

Q. What happens if the premium is not realized by the insurer for a general insurance policy?

View solution