Insurance Companies
OFAC Screening for Insurance Companies
Screen policyholders, claimants, and beneficiaries against OFAC sanctions lists at every touchpoint.
Insurance companies are required to screen policyholders, claimants, beneficiaries, and other parties against OFAC sanctions lists. OFACScreen helps P&C, life, and health insurers automate screening across the policy lifecycle.
Use Cases
How Insurance Companies Use OFACScreen
Policy Issuance
Screen applicants and named insureds before binding coverage to prevent issuing policies to sanctioned persons.
Claims Processing
Screen claimants and payees before disbursing funds to ensure compliance with OFAC requirements.
Beneficiary Screening
Screen life insurance beneficiaries at designation and again before payout.
Reinsurance
Screen reinsurance counterparties and cedants against comprehensive sanctions lists.
The Requirement
What OFAC Asks of Insurance Companies
Screening spans the policy lifecycle
Issuance, renewal, claims, premium payments, and reinsurance are each a point where a sanctioned party can enter the file. Screening at issuance alone leaves the other four uncovered.
Claims are where insurers fall short
The pressure to pay a claim quickly runs straight against the need to screen the claimant and the payee before funds leave. That conflict is the reason claims screening is the step most often skipped.
Federal requirements are the floor
The NAIC has issued guidance encouraging insurers to screen, and individual states can add obligations on top of the federal ones.
Go Deeper
The Detail Behind This Page
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Industries
OFAC Screening for Every Industry
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