British Virgin Islands: corporate life-insurance onboarding

Obtain incorporation and constitutional records, business details and the authority of the person buying the policy. The BVI registry guide explains company-record availability. Request shareholder information and control agreements where needed to establish the corporate policyholder's beneficial owners.

Relevant companies and individuals

Apply the Code's legal-person verification provisions to corporate shareholders with 10% or more, corporate directors and corporate representatives where applicable. Identify and verify the relevant individuals under the beneficial-owner, director and representative requirements.

Record the insured person, premium payer and reason for the cover. Obtain the assignment agreement where another party has acquired policy rights and supporting evidence for third-party premiums.

Beneficiary timing

Under section 19(4A), record a named beneficiary's name when identified or designated. For a class or description, obtain enough information to identify the recipient at payout. The Code permits beneficiary verification at or before payout or exercise of vested rights under the relevant provisions.

Review assignments, new beneficiaries and surrender requests before changing the recipient or releasing money. Confirm entitlement and authority for the instruction, apply enhanced and PEP measures where required and resolve sanctions findings.

Update CDD when company ownership, representatives or policy arrangements change, retaining the documents supporting the specific change.