Due diligence at PrismaLife AG
(Version Sept. 2023)

 

1. Scope of due diligence obligations:

PrismaLife AG and thus its employees and affiliated intermediaries must determine and verify the identity of the contractual partner and the beneficial owner within the framework of the Liechtenstein Due Diligence Act and the Liechtenstein Due Diligence Regulation.

 

2. The identity of the contractual partner (= policyholder) must be determined and verified when a new contract is concluded.

 

1.    If the contracting party is a natural person, the intermediary shall verify an evidentiary document of this person and record, among others, his or her relevant data (name, first name, date of birth, address, nationality, profession/ branch, the reason for the conclusion of the insurance contract, tax domicile and tax identification number (e.g. tax number, AHV number, TIN number) in the application. 

Documents which must be provided in the original or as a certified copy are considered as evidentiary documents:

1. valid passport; 
2. valid identity card/ID card; 
3. any other valid official photographic identification with signature; 
4. in exceptional cases, a current confirmation of identity from the competent authority in the respective place of residence is sufficient. 

A confirmed copy is a copy of an evidentiary document on which the intermediary confirms, with his signature, his intermediary number and the place and date on which he has verified the original and that the copy corresponds to the original. The intermediary will send the verified copy immediately to PrismaLife AG.

Suggested wording:

"I hereby confirm that I have verified the original of the evidentiary document and that the copy matches up with the original document. Place, date, signature, intermediary number" or "Copy made from original. Place, date, signature, intermediary number"

2.    If the contracting party is a legal entity, the intermediary shall inspect an evidentiary document of the legal entity and record the essential data of the legal entity (name or company name, legal form, registered office address, country of domicile, date of incorporation and, if applicable, place and date of incorporation or entry in the commercial register, company tax number and the names of the bodies formally acting on behalf of the legal entity) in the application.

Following evidentiary documents for legal persons must be provided as original or certified copies

1. For legal entities which are registered in the Commercial Register/Public Register or in a similar register, the following documents are considered as evidentiary documents 

      current extract from the commercial register/public register (not older than 12 months)

      written extract from a database maintained by the register authority

      written extract from a trustworthy directory or corresponding database operated by private institutions (e.g. Creditreform/ CrefoScore)

 

2. For legal entities that are not registered in the Commercial Register/Public Register or in a similar register, the following documents are considered as evidentiary documents:

      a domestic official certificate

      statutes, incorporation documents or the foundation agreement

      confirmation of the information provided by the appointed annual auditor

      official authorisation to pursuit the business, or

      written extract from a trustworthy directory or corresponding database operated by private institutions (e.g. Creditreform/ CrefoScore).

In addition to the legal entity, the person who signs the application on behalf of the legal entity (acting person) must be recorded as well. In this case, the following information is requested:

      relevant data of the acting person (surname, first name, date of birth, address of residence, country of residence and nationality)

      proof of acting person's power of representation (e.g. power of attorney)

      confirmed copy of a relevant evidentiary document of the acting person (e.g. passport)

A confirmed copy is a copy of an evidentiary document on which the intermediary confirms with his signature, his intermediary number and with the place and date that he has veriefied the original and that the copy corresponds to the original. The intermediary will send the confirmed copy immediately to PrismaLife AG.

Suggested wording:

"I hereby confirm that I have verified the original of the evidentiary document and that the copy matches up with the original. Place, date, signature, intermediary number" or "Copy made from original. Place, date, signature, intermediary number"

3. The identity of the beneficial owner must be identified and verified when a new contract is concluded on the basis of an evidentiary document and recording of the essential data. The intermediary will send a copy of the evidentiary document without the above-mentioned confirmation of the copy immediately to PrismaLife AG.

 

1.    The following persons are deemed to be the beneficial owners of the insurance contract: 

1. the policyholder 

2. the premium payer 
3. a third party with an economic interest in the contract (means a third party who is not the policyholder or the premium payer but who, nevertheless, has an economic interest in the insurance contract). 

 

2.    If the policyholder or the premium payer is a legal entity, the following persons are deemed to be the beneficial owners of the insurance contract:

1. natural persons who directly or indirectly:

      hold or control shares or voting rights of 25% or more in that entity;

      participate with 25 % or more in the profits of that entity; or

      otherwise exercise control over that entity;

2. those natural persons who are members of the governing body if – after all possibilities have been exhausted and provided there are no suspicious facts – no persons have been identified in accordance with point 3.2.a.

 

3.    Exceptions to the identification of the beneficial owner

1. For listed companies, insurance companies, local authorities and public authorities, banks, investment firms, fund trading platforms in the EU, EEA and Switzerland: It is not necessary to identify the natural persons behind the company. The contractual partner is to be determined and identified in accordance with section 2 above.

2. Only for Germany for company pension scheme: It is not necessary to identify the natural persons behind the company (=employer). The contracting party must be determined and identified in accordance with section 2 above. In addition, the insured person in the contract (= employee) must be identified by evidentiary document as the contract is usually concluded in their economic interest.

 

4. All data in the application form must be truthfully and completely recorded when a new contract is concluded. The following information must be provided in section « Identification under the Money Laundering Act (due diligence) »:

 

1. data of the evidentiary document;

2. origin of the assets brought in and the economic background of the total assets;
3. reason for the conclusion of the insurance contract.

Important Notice:

For all products with an annual premium of more than EUR/CHF 60,000, with a single premium at the beginning, with an additional payment at the beginning or with a subsequent additional payment of more than EUR/CHF 300,000, the origin of the assets and the economic background of the total assets must be documented by means of copies. The same applies if a subsequent additional payment exceeds the fund assets of EUR/CHF 300,000. For smaller sums, in particular if the annual premium is higher than EUR/CHF 48,000 or a single premium or an additional payment higher than EUR/CHF 100,000, corresponding copies can be requested at the individual discretion of PrismaLife AG. The following documents or copies of these documents may be used for this purpose:

      balance sheet

      securities account statement

      proof of inheritance

      documents on sale of land

      divorce documents

      proof of income / tax certificates

The item economic interest/economic beneficiary is to be filled in if the economic interest in the contract does not lie with the policyholder but with a third party. In this case, it must be determined who is the beneficial owner of the contract; this person must be identified and verified by means of evidentiary document and the data in the relevant section on the application or on any supplementary sheet must be completed.

The following applies to the item beneficiary/recipient of the insurance benefit: The beneficiary in the event of survival or death should be stated as clearly as possible. In the case of beneficiaries who are identified as a named natural person, the intermediary shall record the name of that person and his or her date of birth.

5. Also in the case of subsequent amendments to the contract, the identity of the contracting party and the beneficial owner must be determined and verified by inspecting the evidentiary document. However, a confirmed copy of an evidentiary document is only required in exceptional cases in the event of amendments to the contract, otherwise a copy without confirmation from the intermediary is sufficient.

 

6. At the time of payment, the identity of the claimant or the payment recipient shall be determined and verified by taking appropriate measures. In particular, the following persons must be identified and verified by means of a copy of their identity card, whereby the above-mentioned confirmation by the intermediary is usually not required:

1. policyholder, if not already identified by a current copy of the identity card;

2. account holder, if different from the policyholder;
3. beneficiary in the event of survival or death, provided that the beneficiary finally receives the benefit.

If the claimant or payment recipient is a legal entity, the beneficial owners of the legal entity as specified in section 3.2. must be identified and verified in addition to the legal entity and its acting persons (see section 2.2).

In addition, the data collection sheet for payments must be provided and the purpose of the payment amount must be stated on this sheet for amounts of EUR/CHF 15,000 or higher.

Money transfers to countries outside the European Economic Area are generally not possible. Exceptions must be agreed with the due diligence officer and with the executive board. Cash transactions are also not possible.