Following an earlier consultation the International Association of Insurance Supervisors (IAIS) has published an issues paper on cyber risk to the insurance sector. The objectives of the paper are to raise awareness for insurers and supervisors of the challenges presented by cyber risk, including current and contemplated supervisory approaches for addressing these risks. As an […]

The International Association of Insurance Supervisors (IAIS) has published an issues paper on combating bribery and corruption. The aim of the paper is to consider the risks that bribery and corruption pose to the insurance sector in particular to insurers and insurance intermediaries. The paper also considers various methods by which insurance supervisors can manage […]

Case study 1   In October a motor insurance policy was purchased by Mr X. The premium was based on 4 years no claims bonus and the premium was paid by way of debit/credit card via the internet. Mr X cancelled cover on the 5th November and asked for the refund of premium to be paid […]

Intermediaries – case study 19 A person (later arrested for drug trafficking) made a financial investment (life insurance) of USD 250,000 by means of an insurance broker. He acted as follows. He contacted an insurance broker and delivered a total amount of USD 250,000 in three cash instalments. The insurance broker did not report the […]

Life policies – case study 7 A policyholder living abroad bought a life insurance policy and, soon afterwards, requested early surrender of the policy. This early surrender resulted in high costs for the policyholder. Afterwards, the policyholder made a request by fax to transfer the money to an account of another person living abroad. The […]

Life policies – case study 6 A couple in their twenties purchased several single premium life insurance contracts with the same insurance company. A little later they requested an early repayment of these policies in cash. This, combined with the young age of the insured, attracted the attention of the insurance company. The FIU found […]

Life policies – case study 1 Mrs T (teacher) from country A, entered into a life insurance policy with a small initial premium being paid. The transaction was arranged by Mr B who was the agent of insurance company C and a cousin of Mrs T. Two days later, company C made a payment of […]

The International Association of Insurance Supervisors (IAIS) has issued an application paper on combating money laundering and terrorist financing. The purpose of the paper is to provide information on how money laundering and terrorist financing can occur within the insurance sector, and on measures to mitigate the associated risks. It supplements Insurance Core Principle (ICP) […]