Important Points for IC 26 - Life Insurance Finance Exam
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Records of customer identification have to be retained for a period of 10 years.
Insurance companies have to report integrally connected cash transactions above Rs.10 lakh per month to FIU-IND by the 15th of the next succeeding month.
The indicators of suspicious transactions include : Unreasonable requests for free-look cancellations, Insurance policies with premiums that exceed the clients apparent means, Overpayment of premium with request for refund of amount overpaid.
Layering in money laundering means disguising the source of initial deposit through multiple transactions.
The technique of making numerous deposits of small amounts is called smurfing.
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