Compliance Training - Details
Anti-Fraud Training: Meets the most stringent state requirements for two hours of Anti-Fraud training. (Note that this training does not meet the full 4.5 hours of training required by NJ for new P&C and Health Claims staff.)
- Identifying and recognizing red flags, red flag events or fraud indicators for many types of insurance fraud
- For life insurance companies: specific discussions related to life insurance application fraud and medical fraud.
- For property-casualty companies: case studies on using accident reconstruction and forensic accounting to investigate claims
- Tips for identifying, documenting and referring incidents of suspected insurance fraud to fraud agencies or proper designated authorities
- Emerging insurance fraud trends
- Current fraud cases in the news
- Current fraud cases in the courts
AML Training: Fulfils requirements under the USA PATRIOT Act, which requires insurers to provide ongoing training of appropriate employees concerning their responsibilities under the insurer’s AML program.
- Responsibilities for the Company management and employees under an AML Policy
- Definition of Money Laundering and its three stages
- Cash Equivalents defined and the importance of monitoring them
- Typical scenarios for laundering money through insurance contracts
- Monitoring for suspicious activity and filing Suspicious Activity Reports (SARS)
- Identifying and recognizing red flags, red flag events or indicators for money laundering
- OFAC responsibilities
- Internal Revenue Service (IRS) Form 8300 reporting requirements
- For Variable products: Financial Crimes Enforcement Network (FinCEN) and U.S. Securities and Exchange Commission (SEC) Customer Information Program (CIP) requirements
- Monitoring Wire Transfers for Suspicious Activity
OFAC Training: All financial institutions including life & health and property & casualty insurance companies are required to implement an OFAC compliance program, which is covered in the OFAC training course.
- A definition of OFAC and the basic compliance program requirements
- What is required in a Company’s OFAC policy
- What does freezing or blocking an insurance policy mean?
- What files need to be screened against the OFAC lists?
- What are the OFAC recording keeping requirements?
- What do you do when you find an OFAC hit?
- Glossary of OFAC terms
- What are the requirements under GLBA and The Safeguards Rule
- GLBA Definitions Including Non-Public Personal Information (NPPI)
- What NPPI Can Be Provided to the Insured, Beneficiary, etc.?
- Overview of Administrative, Physical and Technical Safeguards to Protect Customer Information (Clean Desk and Clear Screen Policy, Encryption, Shredders and Cyber Security Protections)
- Detecting Red Flags and Fraudsters Attempts to Steal NPPI
- Handling Agent Requests for Customer Information
- Privacy Breach Laws and Disclosure Protocol
- Handling Possible Fraud or Legal Inquiries
Focused on Your Convenience: How does First Consulting & Administration deliver this training?
- Webinar – Training can be conducted through video webinar-style meetings directly with Company staff.
- Online Training – Training is also available for designated Company staff to take at their convenience, anytime, 24/7, via desktop PCs and laptops.
- Customizable – Training can be tailored to fit the specific requirements of your Company.
- One or Many – Training is available to specific individuals or to entire company departments.
- Red Flag or Compliance Checklist – everyone taking this training will have access to a convenient Red Flag or Compliance Checklist to keep at their work station.
Recordkeeping for each webinar or online training session will be provided so you will have documentation available for inspection by your regulator. Each trainee must score 70% on the course test after the online training to receive their certification of course completion. Copies of the training presentation will also be available for your records.
Note, that this online training is expressly intended for employees of insurance companies such as underwriters, call center personnel, claims handlers and other integral personnel. It is not intended for Special Investigative Unit (SIU) members, agents or registered representatives of the insurance company, and will not give continuing education credits.
Contact Us today for additional information or to schedule a free demo.