Compliance for Insurance Companies

It is critical that insurance companies and reinsurers gain a full understanding of the economic sanctions and embargo programs of the United States, and how these programs impact your business. Protect your firm’s bottom line from criminal and civil penalties and it's reputation from the damage that could result from unpaid claims on a blocked or violative insurance contract by staying abreast of U.S. sanctions law.

Depending on the program involved, criminal violations of the statutes administered by OFAC can result in corporate and personal fines of up to $1 million and 12 years in jail. OFAC also has authority to impose civil penalties of up to $1,000,000, depending on the sanctions program.

OFAC has not only identified targeted enemy countries that are not to be traded with, but it also identifies and names numerous foreign agents and front organizations, as well as terrorists, terrorist organizations and narcotics traffickers, on their “Specially Designated Nationals” (SDN) list. If an insurance company identifies that it has engaged in business activity with a listed person or entity, they must block those policies and policy payments and report the activity within 10 days to OFAC.

Certain insurance products present a higher risk profile for money laundering activities and carry additional compliance burdens. You may be subject to all provisions of the USA PATRIOT Act, including anti-money laundering, customer identification programs and suspicious activity reporting.

ATTUS Technologies has been serving the needs of the insurance industry since 1998. Avoid government fines and increase your protection from fraud. Know your customers and reduce your risk. To request a demonstration or free trial of any of these solutions, call 1-888-494-8449.