India: corporate life-insurance onboarding

Use IRDAI's AML/CFT Master Guidelines, read with their amendments, for the company buying life cover. Obtain incorporation and constitutional records, PAN, registered-office details and the resolution or power of attorney authorising the purchase. The MCA guide identifies the available company filings.

Ownership and representation

Under PML Rule 9, apply the company beneficial-owner test: more than 10% of shares, capital or profits, or control through other means. Obtain the relevant shareholder and control records and identity evidence for the individuals identified. Follow the prescribed fallback where those tests identify nobody.

Verify the individual arranging the policy and their authority to act for the company. Record the insured person's role, the named beneficiary and any person paying premiums on the company's behalf.

Payment and policy changes

Obtain the reason for the cover and the premium-funding arrangement. A lender receiving assigned policy rights should be supported by the assignment and financing documents; an unrelated premium payer needs an explanation and supporting evidence proportionate to the risk.

Apply the guideline's enhanced checks for higher-risk customers and relevant PEPs. Keep beneficiary details and perform the applicable recipient verification before payout. Review an assignment, surrender or payment to a new recipient against the current policy rights and mandate.

Retain the proposal, CDD evidence, ownership information, premium records and subsequent instructions. A change of owners or authorised representatives requires the affected information to be updated.