Windsor, CT, February 10, 2006 — LIMRA International and NAILBA (National Association of Independent Life Brokerage Agencies) are partnering to provide anti-money laundering (AML) training required under new U.S. Treasury Department rules and the USA Patriot Act.
Under the rules, insurance producers who sell products that accumulate cash value or have an investment component must be trained to understand and detect possible money laundering activities. By May 2, insurance carriers must have programs in place that include training and suspicious activity reporting.
"This arrangement between LIMRA and NAILBA will allow eligible producers to take the training once — at no cost to themselves — and be certified to work with many carriers," said Matthew J. McAvoy, CLU, ChFC, NAILBA chairman.
Since the rules place the responsibility for providing training on the insurance carriers, brokerage producers could be required to take a separate AML course for each carrier they represent. However, the companies that participate in LIMRA's Independent Producer Clearinghouse (IPC) have developed a solution that is perfect for the multicarrier producer.
"Carriers need to be compliant but they also need to be sure that the training can be done efficiently and cost-effectively, and not take up more of a producer's valuable time than necessary," said Robert A. Kerzner, president and CEO of LIMRA. "LIMRA's AML Training Program provides the solution."
NAILBA member producers will be able to launch the LIMRA AML training directly from NAILBA and NAILBA agency Web sites, as part of NAILBA's Virtual University. In partnership with the IPC companies and LIMRA, producers can complete the LIMRA basic course and fulfill their requirement for several carriers at once. Each carrier also has the ability to link its company-specific requirements to the LIMRA course.
As producers log on to the NAILBA/LIMRA training program, they will be presented with a status page of all of their pending requirements for each company they represent. No other program in the industry manages this maze of multicompany requirements in this manner.
About LIMRA International
LIMRA International is a worldwide research, consulting and professional development organization that helps more than 850 insurance and financial services companies in 73 countries increase their marketing and distribution effectiveness. Visit LIMRA International at www.limra.com