LIMRA International and the National Association of Independent Life Brokerage Agencies are joining to organize a multicarrier anti-money-laundering training program.
New U.S. Treasury Department rules will require life insurers to offer AML training programs and suspicious activity reporting programs by May 2.
Each insurer must make sure that each producer meets AML training requirements, and that could create a problem for producers who represent many carriers, according to LIMRA, Windsor, Conn., and NAILBA, Fairfax, Va.
LIMRA is working with NAILBA to set up a program that will provide a standard AML producer training program. Producers who complete the LIMRA basic course can fulfill AML training requirements for several carriers at once, the groups say.
Each carrier has the ability to add any content needed to tailor the course to fit its own specific requirements, LIMRA says.