04.02 – Insurance Contracts

Pre-existing Cash Value Insurance or Annuity Contracts that are issued by Specified Insurance Companies (not including any US branches) who are not licensed to sell insurance in the US and where the products are not registered with the US Securities and Exchange Commission are not required to be reviewed, identified or reported for US purposes.

There is no such exemption under the CD and Gibraltar regulations. This is because there is not a comparable restriction on UK Insurance Companies in selling their products to the CD and Gibraltar markets and vice versa.

Pre-existing Insurance Contracts are subject to the same due diligence and reporting requirements under the CD and Gibraltar regulations as other pre-existing financial accounts.