Ireland: corporate life-insurance onboarding

Obtain registration and business details for the company taking out the policy. The CRO guide identifies Irish company records; request shareholder and control records for the relevant ownership layers. Identify beneficial owners and take reasonable measures to verify their identities under section 33.

Confirm the company's instructions

Verify the representative and their authority to arrange the cover. Obtain a board resolution or delegation and record who may change beneficiaries, assign rights or surrender the policy.

Establish the insured person, premium payer, beneficiary and purpose of the cover. If a group treasury company will pay premiums, obtain the agreement or payment arrangement explaining its role. Where policy rights secure a loan, retain the assignment and financing evidence.

Beneficiary and payment review

Record a named beneficiary when designated; for a class or description, obtain enough detail to identify the recipient when payment falls due. Apply the insurance-specific verification and relevant PEP checks before paying benefits.

Review changes to premium amounts, payer, beneficiary or surrender instructions under the firm's ongoing-monitoring procedures. Obtain evidence of the new recipient's entitlement and the instruction-giver's authority before releasing money.

Apply enhanced measures for higher-risk relationships and retain the approvals and supporting evidence. Where the reporting threshold is met, the Irish framework requires suspicious-transaction reports to both FIU Ireland and the Revenue Commissioners.