CRS Insurance Quiz

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  1. Are death benefits of a cash value insurance contract reportable?
No Yes Only if from an investment-linked policy

  1. Who is the reporting institution when a corporate insurance broker is obliged to make payments to the Account Holder under the terms of the Cash Value Insurance Contract or Annuity Contract.
Insurance Broker Insurance company Custodian bank

  1. Is a custodian bank holding the assets of a Cash Value policy the Reporting Custodial Institution
Yes No Depends on jurisdiction guidelines

  1. Who is normally the Reporting Financial Institution when an underlying company owned by a FI trust is the policy holder
Trust Underlying company Insurance company

  1. Is a local telephone number an indicia the Cash Value policy is not held by a reportable person
Yes No Only if no self certification is available

  1. Are amounts payable for benefits from a unit-linked insurance policy treated as cash value?
Yes No Only for non-indenification policies

  1. Who is the reporting financial institution for a Cash Value Insurance Policy issued by a US insurer to a Cayman NFE held by a UK trust with UK custodian bank?
UK trust UK bank Cayman company No-one

  1. Who is the Account Holder of a Cash Value Insurance policy where no-one is allowed access the policy assets via surrender, termination or pledge for a loan?
The named beneficiaries No-one The policy holder

  1. Is an irrevocable insurance policy out of the CRS scope?
Yes No If it is an investment-linked policy

  1. Is there any de minimis threshold for insurance to be an excluded account?
Yes No A USD 50,000 cas value de minimis

  1. If a policyholder takes a loan directly from his policy, must this be transaction be reported by the insurer?
Yes No Only if policyholder does not repay the loan

  1. If a pre-existing entity policyholder pledges their policy to a bank as collateral for a loan, must the bank report this transaction?
Yes No Only if the balance or of the pre-existing entity is above the de minimis threshold

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