It was eliminated the provision according to which entities were not required to identify the client in the case of general life insurance policies, if the insurance premium was less than or equal to the equivalent in RON of EUR 2,500 or to the amount of life insurance policies, if the insurance premium or annual payment rates are less than 1,000 Euros or if the paid unique insurance premium is less than 2,500 Euros or if regular premium rates exceed the limit of the amount of 1,000 Euros, 2,500 Euros respectively, in lei equivalent.
For these categories of insurances, since the effective date of enforcement of the present order, entities are required to apply at least the simplified measures of client knowledge.
In the case of life insurance activities, checking the identity of the beneficiary of life insurance policy will be made whenever its beneficiary is changed during the validity of the insurance contract.
Entities applying simplified measures for client knowledge must obtain sufficient information about clients and continuously monitor their activity to determine if they fall into the category for which have been applied the simplified measures of client knowledge.
Application of additional measures of client knowledge is required at least in the case of clients who are not physically present when carrying out the transactions or in the case of occasional transactions or business relationships with persons politically exposed, who are resident in another EU Member State or European Economic Area or in a third country.
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