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  • FC-B.2 FC-B.2 Types of Insurance Business

    • FC-B.2.1

      This Module applies to all types of insurance contracts, including general and long-term insurance, as well as to reinsurance and captive insurance business.

      Amended: January 2007
      Amended: October 2007

    • FC-B.2.2

      International experience shows that all types of insurance (including general insurance and reinsurance) have been used as channels for illegal activities. However, the CBB also recognises that in the case of pure reinsurance transactions, these risks may exist to a lesser extent. Consequently, upon application by the licensee, the CBB will consider, on an individual basis, exemptions from specific requirements of this Module, in relation to the reinsurance activities of licensees. Normally, the CBB will consider granting such exemptions where the reinsurer concerned deals only with licensed insurance entities, that are subject to AML / CFT standards equivalent to those in this Module.

      Amended: January 2007
      Amended: October 2007