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Insurance licenseesG must implement the customer due diligence measures outlined in this Chapter when:

(a) Establishing business relations with a new or existing customer;
(b) A change to the signatory or policyholder beneficiary is made;
(c) A significant transaction takes place;
(d) There is a material change in the terms of an insurance policy or in the manner in which the business relationship is conducted;
(e) CustomerG documentation standards change substantially;
(f) The insurance licenseeG has doubts about the veracity or adequacy of previously obtained customer due diligence information;
(g) [This Sub-paragraph was deleted in July 2018]; or
(h) There is a suspicion of money laundering or terrorist financing.
Amended: July 2018
Amended: January 2007
(3 Versions)
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