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.