New India Assurance Company in Oman conducted a seminar on Money Laundering and Terrorism Financing Act on May 6 at Al Maadid Hall, Ruwi Hotel in Muscat for sub-agencies and staff.
The seminar was conducted in the background of regulatory procedures manual for anti-money laundering for insurance companies, brokers and agents.
The seminar was clubbed with performance review and introduction of medical insurance cover with add on facilities.
The Seminar was inaugurated by KV Francis, COO in the presences of staff members of New India and the invitees from sub-agencies of New India.
Francis, in his address, briefed that money laundering and terrorism financing crimes are economic crimes that require intensive efforts for combating them in various sectors.
Later there was a comprehensive presentation on the various provisions of the Act conveying the areas on which the insurance industry has to be vigilant and watchful so as to avoid misuse of the insurance covers by vested parties and groups.
The presentation stressed that the manual circulated by the authorities and under Article (4) of Money Laundry Law promulgated by Royal Decree which stipulates institutions, natural and juristic persons shall verify their customers identity and addresses, pursuant to the instructions issued by the competent supervisory authority before issuance of any type of insurance policies or engaging in any other business dealings.
The message and importance of KYC (Know Your Customer) norms was conveyed to the staff members.
An open session on the above also took place and questions and queries raised by the members present were answered and clarified by the technical members of New India team.
Considering the potential for health insurance coverage in the Oman market, New India, revised the various benefits under their existing group health polices, without any changes in the existing policy terms and conditions.
The revised policy provisions will provide for enhanced benefits to the group under various sum insured slabs. The changes and revisions were briefed to the participants and clarified their doubts.