Representatives of insurance companies on Tuesday dismissed a claim by the opposition People’s Progressive Party that clients have to state their political affiliation on policy application forms, while noting that requests for information on links to politically-exposed persons (PEPs) are part of their fulfillment of requirements under the Anti-Money Laundering (AML) legislation.
“It is incorrect to say that anyone has to say if they are for example supporters of ‘X,Y,Z’ political party. No, that is definitely not so,” a representative of Nalico/Nafico told Stabroek News when contacted on Tuesday.
“Politically-exposed persons is a category by itself and that person is required to, under [the] anti-money laundering law, to state, as they would do to any financial institution if they were in this category…so if you state no, then that is it and you don’t have to go into any detail,” the representative who preferred to remain anonymous, added.
