Regulatory Alerts2005-10-31
Added
Anti-Money Laundering Program and Suspicious Activity Reporting Requirements For Insurance Companies Frequently Asked Questions
The final rule requires insurance companies issuing or underwriting covered products to establish written anti-money laundering programs approved by senior management. Covered products include permanent life insurance, annuities, and other products with cash value or investment features, excluding group policies and term insurance. Companies must implement four minimum program elements: a designated compliance officer, risk-based policies and internal controls, ongoing training for employees and agents, and independent testing. Additionally, covered insurers are required to file Suspicious Activity Reports within 180 days of the rule's publication in the Federal Register.