Mauritius: corporate life-insurance onboarding

Apply FIAMLA, the FIAML Regulations and the FSC AML/CFT Handbook to the company taking out life cover. Obtain registration and constitutional records, business details and ownership information. The insurer's sector supervisor is the FSC; the Bank of Mauritius guideline addresses banking institutions.

Ownership and company mandate

Identify beneficial owners and take the required verification measures using shareholder and control records for the relevant layers. Obtain trust or nominee documents where those arrangements affect ownership or control.

Verify the representative and purchase authority. Retain the mandate for assignments, surrender and beneficiary changes. If a management company issues instructions, obtain the delegation establishing its powers.

Premiums and payments

Record the insured person, payer, beneficiary and purpose of the cover. Obtain evidence explaining premiums paid by a shareholder or another entity and the financing and assignment documents where a lender receives benefits.

Apply the Handbook's insurance-beneficiary information and verification provisions at the relevant policy events. Before payment, confirm the recipient's identity and entitlement and authority for the instruction. Review an early surrender or payment to a different account holder against the current policy rights and funding evidence.

Apply enhanced measures, PEP approvals and sanctions controls where required. Keep amended beneficiary nominations, assignments and ownership records with the CDD and payment decisions.