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Employer’s Guide to Unemployment Insurance, Wage Reporting, and Withholding Tax
During the period covered for this study, filers submitted 12,398 reports on Form 101. Of these, 322 notated insurance SARs. 10 However, a review of all 12,398 SAR- SFs, and the 864 distinct filer names, identified an additional 279 records filed by insurance companies. In order to provide complete feedback to the insurance in- dustry, this study includes all 601 of these insurance company filings, with the result that some of the analysis includes uncovered products. Additionally, filers used Treasury Form TD F 90-22.47: Suspicious Activity Report, to file 40 SARs by or on be- half of insurance companies. 11 ...
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Important: Please see the Notice on the first page of this plan material concerning student health insurance coverage.
Similarly, while companies in New York and Ohio filed SARs through multiple entities, a single firm in each state filed the majority of SARs. This was also the case for Wisconsin, ranked fourth among filing locations. For that state, five separate insurance carriers, through one entity, generated 88 percent of filings for the twelve- month period. Unlike in Massachusetts, the Wisconsin-based firm was not affiliated with other companies in and/or from the state during the same time frame. The SAR filing volume for some institutions may be attributable to the diversified products and services they offer. Many...
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A Consumer’s Guide to: Life Insurance
Past analysis has shown that certain types of fraud or money laundering may be recorded and/or initiated in one location, but take place in another. Suspected fraud or money laundering through insurance company products is primarily detected after the fact. Insurance companies may offer their products through a number of distribution channels in a number of states, however the processing unit and service center is generally centralized in one location. While the filer locations offer a valid analytic metric, comparatively or by themselves, the subject location may provide more significant insight(s) to the information submitted by insurance...
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Massachusetts Automobile Insurance Policy
Insurance companies provided Massachusetts in the filing address in 103 of the 173 instances where the subject address was listed as New York. For these same 173 instances, 37 filers noted New York as their filing location. Filers located in Califor- nia identified New York as the subjects’ state in 53 of the 148 instances, followed by Iowa (25), and then Massachusetts (15). Only one California filer listed its own state as the filer and subject address location. This type of dissimilar relationship be- tween filing state and subject address state is also reflected in the filings for Florida,...
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Insurance And Resolution In Light Of The Systemic Risk Debate
Individuals accounted for the majority of listed subjects in the SARs; however, filers noted a few as business entities and, in some cases, identified a family’s trust fund or retirement plan. Approximately 65 percent of the subjects found in the 641 SARs were either: a) associated with some kind of business (named or un-named) or occupation13 ; b) identified by a job title, profession or other reference (Physician, Attorney, Restau- rant Owner, Retired, etc.); or c) identified by a business name or the nature of the business if the subject was listed as a company. Thirty-five percent of the provided subject...
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National Insurance contributions Tables A and J
In an attempt to glean potential trends, this study divides the subjects of the 641 filings into categories based in part on their occupation and in part on their relation- ship to the insurance or investment product involved in the transaction. The data is derived from several sources on the SAR-SF: the narrative section (Part VI), Field 7 (“Occupation or Type of Business”), and Field 19 (“Is this individual/business associated/ affiliated with the reporting financial institution?”). The study characterizes the subjects based on their relationship to the insurance products. These include different instances and combinations of the following roles:...
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Committee on the Global Financial System: CGFS Papers
First, this data does not compare directly with the occupational data derived solely from Field 7 (“Occupation or Type of Business”) on the SAR form. Filers sometimes leave Field 7 blank. Filers also sometimes provide information in narratives that is different from the information they provided in Field 7. Second, the subject(s) for the purposes of these statistics are not necessarily the subject(s) whose information appears in Part I of either the SAR-DI or SAR-SF. The subjects for the purposes of these statistics are those whose activities were character- ized in the narrative as being suspicious. For...
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A Guide To Life Insurance
Third, this data does not directly compare with other information collected on the SAR form with reference to the specific instruments involved in the reported trans- actions, as discussed infra. For example, analysis identified 225 filings that involved annuities, however, Table 1 shows 197 filings that named an annuity owner or ap- plicant as a subject in the narrative, based on a relationship to an annuity. There are fewer annuity owners and applicants than annuity filings, because some narratives placed more emphasis on a gatekeeper or insurance insider as the one whose sus- picious activities were being characterized. The roles...
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GENERAL INSURANCE FUNDAMENTALS
The most commonly listed Characterizations of Suspicious Activity (in whole or in part) were BSA/Money Laundering/Structuring and Other – the aggregated totals of which accounted for 85 percent of all reported suspected illicit activity. Comparing the degree to which these suspected illicit activities were reported by the insurance industry during the filing period for this study, against the rates for the same suspected illicit activities as listed by SAR filers overall, cumulatively since the inception of each record type, the top two characterizations reflect those which also are reported on the Casino and Card Club SARs. In an analogous fashion, Se- curities...
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Systemic Risk in Insurance An analysis of insurance and financial stability
The nature of annuities and their potential to be considered both insurance and in- vestment products complicated attempts during this study to differentiate annuities sold by insurance companies as insurance products from those annuities that qualify solely as investment products that happened to be sold by insurance companies. The SAR narratives reference annuities in the manner portrayed in Table 7. Be- cause many SAR narratives did not contain details about the features of the products described as annuity accounts or contracts, analysis could not determine whether the products were variable or fixed annuities. Analysis determined that 126 of the 251 SARs...
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INSURANCE CORE PRINCIPLES AND METHODOLOGY
The five instances of insurance fraud reflected in Table 10 resulted from individu- als who supplied fraudulent information on applications for term life policies. As set forth in FinCEN regulations, 22 an insurance company is not required to report in- stances of suspected insurance fraud unless the company has reason to believe that the false or fraudulent submission of information relates to money laundering or terrorist financing. One narrative characterized potential terrorist financing when a subject questioned if his term life and accidental death and dismemberment policies would pay if he were killed in a suicide bombing. This was one...
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Insurance Industry Suspicious Activity Reporting
Because the SAR-SF form is not tailored to the insurance industry, analysts for this study used the narratives to attempt to identify the exact reason for each filing. Us- ing the list of characterizations of suspicious activities in the proposed dedicated SAR form for insurance companies as a reference, analysts divided the filings into categories for statistical purposes. Table 11 includes a breakdown of the reasons derived from information in the narratives for the 641 filings. Insurance companies filed 636 of the 641 reports, and FinCEN systems generated the remaining five re- ports, on behalf of insurance companies, as...
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Insurance 2020: Turning change into opportunity
Owners of high cash businesses used multiple cash equivalents from different banks and money services businesses to pay into policies and annuities. In one case, an insurer reported the owner of a landscaping business who paid the premiums on a universal life insurance policy with multiple money orders of no more than $1,000 each, some purchased on the same day at different post offices, or on separate visits to the same post office, creating the appearance of structuring. Another company filed a report on a woman who made multiple structured pre- mium payments totaling $100,000, with cashier’s checks and money orders...
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Your Insured Deposits: Federal Deposit Insurance Corporation
One such SAR described a man who purchased a $2.5 million annuity with a check from a corporation unknown to the filer, claiming the funds were lottery winnings. He then withdrew more than $2.1 million within nine months, despite a ten per- cent penalty, claiming he wanted the money to fund a business acquisition. Another filing described a business owner who opened a pair of variable annuities totaling over $550,000 in February 2006, and added over $720,000 to the annuities before the end of June 2006. From February to July 2006, the annuity owner made almost $550,000 in surrenders, incurring...
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Mobile Insurance Device Eligibility and Deductible Schedule
Although social funds projects started with the short-term emergency objective, they are increasingly incorporating longer term service deliv- ery and capacity-building goals. The Portfolio Review found that around 80 percent of recent social funds projects, that is, those approved in fis- cal years 1994–96, had long-term objectives. As the objectives of social funds projects evolve over time, their design and implementation need to change as well. The yardsticks used to monitor performance should reflect evolving objectives. In other words, social funds projects with longer term service delivery and capacity- building objectives should not be judged by the same criteria that are applied to social funds projects with emergency objectives....
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Uniform Application for Individual Producer License/Registration
The Portfolio Review found that social funds projects that respond to emergency situations through the rapid creation of employment oppor- tunities are likely to achieve their objectives. The design of such social funds projects reflects their emergency nature well. The Portfolio Re- view did not, therefore, dwell on this cohort of social funds projects. With respect to social funds projects with longer term objectives, the Portfolio Review asked questions such as: Is the school still running, complete with teachers and textbooks, one year after the building was constructed? Is it truly the community that is demanding the subproject, or is some other entity biasing community demand? Does community demand adequately...
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State Insurance Regulation
The issue of sustainability has a number of dimensions, some of which were already mentioned. The one addressed here is the sustainability of subprojects. This issue comes up when the transition of social funds from the emer- gency or crisis mode to the longer term is examined. The transition is essentially the change from building a facility to delivering an ongoing service. By implication, how the services are being used needs to be monitored and evaluated, not just what was disbursed or built. Based on written material and existing evaluations, the review is limited nec- essarily by the kind of information available. There is not a great deal of information...
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KEY INFORMATION ON HEALTH CARE COSTS AND THEIR IMPACT
It is important to note that the requirements for sustainability condi- tions vary by subsection because they are inherently different. In par- ticular, these requirements to create sustainability may be more difficult to achieve in practice in water and sanitation, in drainage, and in the transportation subprojects than they are in building schools or clinics. From the perspective of economic infrastructure, the term demand- driven means not just that the project idea originated from the commu- nity requesting the project, but even more important, that the commu- nity is ready to pay an opportunity cost for choosing one project over another. Effective demand implies that the users or the...
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Life Insurance Buyer's Guide
Demand expression varies by the kind of goods or services being delivered. Water supply and latrines are an example of essentially private goods, goods that are individually used and for which indi- vidual users can express and realize a willingness to pay. Public choices are more complicated with respect to public goods such as schools or rural roads; a differentiated strategy for eliciting demand, depending on the kind of subproject that is being produced, is needed. The second determinant of sustainability is the appropriateness of the technical choices presented to communities in light of their effec- tive demand for levels of service that the technology provides. Tech- nology choices must...
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A RATE COMPARISON GUIDE : AUTO INSURANCE
Many social funds were designed to rehabilitate existing infrastruc- ture. Rehabilitation was undoubtedly appropriate when the social funds were in the emergency phase, but it may not always be the service the users want now, because those facilities were originally put in place under a perhaps more centralized and very different service delivery system. Offering technology choices that are too complex or expensive is as much of a problem as offering technology choices that are too sim- plistic or inexpensive to deliver at the level of service people are will- ing to pay for. Are social funds always in a position to offer nuances of choice across a wide range...
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Flexaccount Travel Cover
On this issue the review drew from best practices in the individual sectors examined. The first issue in O&M arrangements has already been mentioned: the need for clear ownership of the infrastructure and accountability for who will operate and maintain the project. The third issue, which is not always elaborated as much, is the need for a formal backstopping arrangement if the community is expected to carry out O&M. A good system is needed to give the community support when it has problems and when issues arise, for example the issue of mobilization of recurrent financing....
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National Health insurance—a Brief History of reform efforts in the u.s.
The need to train those who will be responsible for the O&M is an important institutional issue. Sometimes those responsible may be in the community, sometimes they may be a private contractor, or sometimes they may be in the ministry. User training is needed, par- ticularly in water supply and sanitation. Sanitation education has not always been provided and is very important. If the operator is going to be the sectoral agency, sometimes basic budgetary reforms need to be addressed. It is not always helpful to rely on sectoral agencies if they are embroiled in a dysfunctional budgeting system or do not have the necessary resources....
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INSURANCE FACTS: Metal Building Manufacturers Association, Inc.
The last point, which is in some ways the most important, is the need for consistency across projects in the same sector. The Portfolio Review found from the experience in sectoral projects, for example water and sanita- tion, that in some cases communities, even very poor communities, have been willing, indeed anxious, to contribute to a service that would meet their needs and that they knew they would receive. However, if they could get the service for free, or with less arduous requirements through, for instance, a social fund, then the social fund undermined the sectoral reforms that had been in place for some time in that country....
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Estimates for the Insurance Coverage Provisions of the Affordable Care Act Updated for the Recent Supreme Court Decision
The first conclusion of the review was that the later generation of social funds had better integration of sustainability elements in their project design than the earlier generation of social funds. There was more em- phasis on active community participation throughout the project cycle, including at the disbursement and supervision stages in cases when user committees organized maintenance and operated accounts from which they disbursed resources. More often, the later generation of projects re- quired community contributions, as opposed to sponsor contributions, and attempted to ensure that the demand for the project was coming from the community. There is more attention to the suitability of technical op- tions and alternative...
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Your Guide to Understanding Auto Insurance in the Granite State
Finally, the review in its concluding chapter looked at the future of so- cial funds. Broadly, three alternative paths were considered: The first was to focus on the question of transition. Because social funds are strong at demonstrating good practices and good governance, they can be im- portant in drawing best practices from other sectors. For example, there are some best practices in the water and sanitation and in the rural trans- port sectors. More experiences need to be exchanged outside social funds with some of the better programs in other sectors. The emphasis on tran- sition also means providing training and capacity building to both com- munities and...
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Liability Insurance
The second future path for social funds is as special-purpose vehicles, providing selective seed capital to foster innovations in community de- velopment, to experiment with new technologies, and to act as the government’s agent in remote areas and for very small-scale activities. Even though many of the social funds might already characterize them- selves as special-purpose vehicles, they have gotten much broader. This possible path needs focus, as well as this question: What is the niche for social funds? And third, funds can become specialists in delegated contract manage- ment, an area which will perhaps invariably be developing outside the public sector. This is where AGETIPs specialize. It is this...
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NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES INSURANCE REGULATION 200
The Inter-American Development Bank (IDB) works exclusively in Latin America. It has just concluded a study and published a book called So- cial Investment Funds in Latin America: Past Performance and Future Role. It occurred about two years ago that social funds have become overwhelm- ingly popular all over the world. They started out as a way of respond- ing to adjustment and have developed in different ways, doing various things. The IDB decided to look at them to determine what is working and what is not working. The Canadians, the Germans, the Swedes, and the Organization of American States (OAS) also thought the subject de- served review, so...
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What you need to know about life insuance
The IDB hired consultants who looked in-depth at social funds in Bo- livia, Chile, El Salvador, Guatemala, Haiti, Honduras, Nicaragua and Peru. They spoke to recipients of projects and assessed their satisfac- tion. The IDB examined these projects for sustainability; it also did a desk study of all social funds. Social funds were created as a response to an alarming rise in poverty. Some social funds have political objectives. FONAPAS helped in the consolidation of the peace process in Guatemala. FONCODES was aimed at ensuring governability in frontier regions of Peru. The second social fund in Bolivia is linked to decentralization. In Chile FOSIS is showing that the government is...
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What is the role of insurance in economic development?
And finally, while the World Bank gave them a B in targeting, in com- parison to other programs, the IDB probably would give them a B+, because they have really been very good at targeting the poor. Nicaragua’s social fund has projects in every town, in every backward part of Nicaragua, and this is fairly commonplace. Social funds are very good at targeting. There is, however, one issue with targeting. Should social funds attempt to reach the maximum number of people or the maximum number of very poor people, which may actually be in the cities? Or should they attempt to reach the most isolated regions? This dilemma has...
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APPLICATION FOR A SOCIAL INSURANCE NUMBER
The second model of social funds is a part of a ministry, for example, the Bolivia fund or FOSIS in Chile, which are at the second stage. They have more formal agreements with the ministries, they lay less em- phasis on emergency procurement, and civil service rules are followed more closely. Then there are the larger funds in Colombia, Costa Rica, and Mexico. These are usually large umbrella institutions. They have no autonomy. They are financed from the national budget. They implement or coordinate many social programs with the objective of reaching the poorest....
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