Sanctions Checking - Is it working how you think?

[Marc Pons-Burt]

So, we find ourselves in modern day unprecedented time.  Governments around the world are applying strict sanctions against Russian companies and individuals and it's being made very clear that action will be taken if those sactions are ignored.

 

For most of us, this will not be an issue but what if you do have a sanctioned individual or company?  Are you checking?  Are you relying on Open GI Sanctions checking?

 

First of all, have you got Broker and Prospect Amendment completed under sanctions checking to review Commercial Risks?  Using the Level 1 Contacts on a Commercial master frame will also Sanction check whoever or whatever you put in for review.  

 

However, what about your personal lines clients?  The client level is checked sure, but what about the contacts you've added??  Well, if you're not aware, be aware.  They don't get checked.  So, if you've corrected added a contact for a joint policyholder on a Home policy for example, just hope you've either got them insured in their own right somewhere or that they are not called Abramovich!  

 

The point of Sanctions checking is that you have a record of the checks, in the event of something being highlighted.  Open GI have gone to the trouble of making this work for the Commercial risks but not Personal Lines.

 

However, your User Group Committee have raised this issue and will continue to apply pressure until something is done.

[Mark Sollis]

So - what is the point of this ..

 

Don't tell me even if you say "Yes" - it's actually being ignored?

 

Why would anyone restrict Sanctions Checks to specific Client / types - let alone specific Capture Page Layouts - SURELY a Yes/No per Client / Contact - and the existing global parameters - covers all the bases. Oh and where in the manual did it not explain this?

 

Either way - the Yes/No below is at best misleading for operators and at worst - a breach for the business!! Who's picking up that cost ...

 

[admin]

"Warning re Sanctions Checks on #OpenGI"

 

This post is now available in the Public area of the Forum for review and comment 

[admin]

Open GI Sanction Check Update!

 

Function shortfall now on the #OpenGI radar - watch this space!