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

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

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

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

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

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

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

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

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

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

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Q. What is premium in the context of insurance?

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

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Q. What factors generally influence the insurance premium?

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

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

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

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Q. How is the treatment of non-realization of premium different for life insurance policies compared to general insurance policies?

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Q. What does Section 64 VB of the Insurance Act specify regarding assumption of risk by insurers?

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Q. What provision does Section 64 VB (2) of the Insurance Act make regarding the assumption of risk by insurers when dealing with non-realizable premiums?

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Q. How do IRDA regulations address the issue of non-realized premiums for general insurance policies?

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