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Monthly Title Review
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| Title
- NaviSys Front Office |
| Author
- NaviSys |
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Short Description
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| Offers
unmatched customer sales experience to producers, policyholders
and home office staff alike. As a provider, you can also look
forward to streamlining your sales and service, completing illustrations,
quotations and applications quickly, closing sales in record
time, and building lasting customer relationships. |
| NaviSys Front Office Download |
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| - OSCAR |
| OSCAR
Description |
OSCAR is IDPs OFAC Compliance reporting tool. OFAC - the U.S. Treasury Departments Office of Foreign Assets Control - administers and enforces sanctions that prohibit U.S. insurance companies from doing business with any individual or organization that appears on the OFAC list of Specially Designated Nationals (SDN) and blocked persons.
All property, including insurance contracts, in which there is a direct or indirect interest of an SDN or blocked person must be reported to OFACs Compliance Programs Division. Failure to do so can result in corporate fines of up to $1 million, personal fines of up to $250,000 and up to 12 years in jail.
IDP assists you in complying with OFAC by offering OSCAR, a service that will automate this reporting process, relieving the pressure of compliance and providing the peace of mind knowing that your company isnt doing business with dangerous individuals.
The process and benefits of OSCAR include:
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Every month, OSCAR will process all names in your policy administration system on policies, claims and profiles in force for that calendar month and compare them against the most recent OFAC/SDN list. OSCAR will return a list of hits and will score the accuracy or strength of the match against the OFAC/SDN list.
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At the end of each month, you will receive a log file confirming that the check was performed. You will also receive a report citing any names in your system appearing on the OFAC/SDN list (if necessary).
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You will avoid the fines and penalties that can occur if you are not in compliance. Additionally, you can rest assured that you are not contributing to the prosperity of individuals that the government has identified as potentially harmful or dangerous. |
| - OSCAR
Download |
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