Guernsey: corporate life-insurance onboarding
Guernsey company-policyholder checks and the GFSC Handbook's distinct beneficiary and PEP timing requirements.
Guernsey · Life insurers · GFSC
Corporate policyholders · Life insurance: AML/CDD review
By Matthew Lee
Registry: Guernsey Registry
The Guernsey extract and Annual Return list directors but not shareholders. Obtain the policyholder's register of members from the company and trace relevant corporate owners. Apply Schedule 3's beneficial-owner and verification requirements, including other forms of control.
Purchase authority and premiums
Verify the person arranging the cover and obtain their company mandate. Record the insured person, premium payer and purpose of the policy. Request the financing and assignment documents if a lender is entitled to benefits, and supporting evidence for third-party premiums.
Beneficiaries under Handbook 7.12.1
Record the name when a beneficiary is designated, or enough information about a class or description to establish the eventual recipient. The Handbook requires the beneficiary PEP determination at designation; do not postpone that step automatically until payout.
Complete beneficiary verification before distribution or exercise of relevant rights. For a higher-risk corporate beneficiary, apply the additional beneficial-owner enquiries and the required enhanced measures.
Review assignments and changed beneficiary or surrender instructions against the current policy rights. Confirm the recipient's entitlement and the instruction-giver's authority, and keep the amended nominations and supporting evidence with the payment decision.