Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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The Government of India launched the Prevention of Money Laundering Act (PMLA) ,2002 to rein in money-laundering activities.
Money laundering as an offense which is punishable by rigorous imprisonment from 3 to 7 years and fine up to Rs. 5 lakhs.
Anti Money Laundering Policies - Appointment of a principal compliance officer,Training of agents on AML measures,Internal audit/control etc
Know Your Customer (KYC) - objective is to prevent financial institutions from being used by criminal elements for money laundering activities. KYC documents like address proof, PAN card and photographs etc. need to be collected as a part of the KYC procedure.
Grace period - clause grants the policyholder an additional period of time to pay the premium after it has become due. Grace period is ONE Month
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