Monday, November 21, 2005
USA Patriot Act to require Insurance Companies to report suspicious activities regarding cash value type insurance products; United States: New Anti-Money Laundering Requirements For Insurance Companies sutherland Asbill Brennan. The government is basically requiring the Insurance Industry to report suspicious uses of insurance products that have cash or surrender value. In other words if a customer is buying large amounts of non-term life insurance he might be laundering money or preparing a terrorist act. Whats a suspicious indicator: purchasing life insurance products that dont make sense for the customer. Hope that doesnt snare a lot of gullible life insurance customers who bought from salesmen out for the high commissions from whole life. Query: apparently the Justice Department does not think property/casualty insurance transactions pose enough risk for coverage; havent they heard about all the staged accidents and vehicle thefts some immigrant groups pull off?
Posted by stan_sipple at 1:04 PM