Security Alert Services - FAQs
Why do I need this?
I've heard that Property and Casualty Insurers are exempt?
What customer records must be checked?
What is Security Alert Portfolio Sweep Services?
What data format is required?
What is Security Alert Transactional Services?
Is this service only available to the Underwriting Department?
What is MIB's Entity Look-up Utility?
Do I need a pre-notice and/or authorization?
How can I obtain additional information?
Why do I need this?
Businesses found in violation of legal obligations under federal laws such as the USA PATRIOT Act, regulations issued by the U.S. Treasury's Office of Financial Assets Control (OFAC) and Canada's Office of the Superintendent of Financial Institutions (OSFI) are subject to substantial corporate and executive fines and jail penalties. All insurance and financial services companies (MIB members and non-members) are mandated by law to comply with these regulations that prohibit firms from doing business with "sanctioned" individuals and/or entities. This includes but is not limited to companies writing Life, Health, Annuities, Disability, LTC, and Property and Casualty.
I've heard that Property and Casualty Insurers are exempt?
P&C insurers are exempt from the USA PATRIOT Act. However they remain legally responsible under OFAC regulations to consistently check all customers to ensure they are not engaged in transactions with Specifically Designated Nationals (SDN) who appear on the OFAC list; and to immediately report any and all infractions to the U.S. Treasury Department.
What customer records must be checked?
Any individual that is listed as a customer of your firm including applicants, policyowners, beneficiaries, payors or any individual, business or trust that financially "touches" a policy or financial services offering, or could benefit from proceeds, be it from claim payments, annuity payments, loans or any other transaction.
What is Security Alert Portfolio Sweep Services?
Allows a company to verify names from an entire book of business against the OFAC and/or OSFI "sanctioned parties" list on a periodic basis by submitting electronic customer files to MIB for scanning. Leverages the accuracy of MIB's unique, time-tested name search capability. This information serves as an alert so that the company can investigate further.
What data format is required?
MIB accepts several electronic data formats on various media for portfolio sweeps. An MIB representative would be pleased to answer any questions you may have by contacting us at 781-751-6330, or emailing info@mibsolutions.com.
What is Security Alert Transactional Services?
Provides individual company departments with access to MIB's OFAC/OSFI "sanctioned parties" database for verification of individual customer names either one-at-a-time via WEB-TERM or WEB-DIRECT for LANs and Mainframes respectively (software can be licensed from MIB). Leverages the accuracy of MIB's unique, time-tested name search capability. This information serves as an alert so that the company can investigate further.
Is this service only available to the Underwriting Department?
No, this service is ideal for other departments like the Policy Change Department, Claims Department, Beneficiary, Ownership and Policy Loan Departments or any department that deals with applicants, policyowners, beneficiaries, payors or any individual, who financially "touches" a policy or other financial services offering, or could benefit from proceeds, be it from claim payments, annuity payments, loans or any other transaction.
What is MIB's Entity Look-up Utility?
The Entity Look-up Tool is a web-based utility that provides the user with a descending alpha-sort listing of all "sanctioned" businesses and trusts (entities) on the OFAC and OSFI list. It is used as a companion to Security Alert Transactional and Portfolio Sweep Services which search for individual name verification only. It is available as a manual look-up tool on the Security Alert Services page or as a Web Service for automated searches deployed on a LAN or Mainframe.
Do I need a pre-notice and/or authorization?
No, these electronic transactional and portfolio sweeps do not require you to have a pre-notice or completed authorization to check a name, as you do when checking the MIB Impairment Database. This service accesses a separate database containing only the names from the OFAC and OSFI lists, which is public information. Every company department is extended access to Security Alert Transactional Services.
How can I obtain additional information?
An MIB representative would be pleased to answer any questions you may have by contacting us at 781-751-6330, or emailing info@mibsolutions.com.