Insurance subscription/redemption

This note explains how to enter the transaction type “Insurance subscription/redemption”:

  • Insurance subscription
  • Insurance redemption

These types of transactions involve payments made from or to a bank account.

 

 

Example of an « Insurance redemption »

General part of a transaction

 

Description

Provide a precise description for the transaction.

Example: Life insurance partial redemption

 

 

From - Source of funds

If the source of funds is an account held by a client of the reporting entity, and this is relevant to the report, you must select “Account (My Client)”.

If the source of funds is an account held with another institution, you must select “Account”.

The same applies if the source of funds account belongs to a client of the reporting entity but is not relevant to the report.

If the source of funds is in a currency other than EUR, the Foreign currency section must be filled-in.

Next, you must specify the object type for the source of the funds.

IMPORTANT:

For a “Insurance subscription/redemption” transaction type, the object type must ALWAYS be: “Account” or “Account (My Client)”

Thus, you must fill-in the details of the account from which the funds originate (Insurance redemption contract data).

See the user manual: Account - General information

Note:

  • If you select “Account (My Client)”, you must complete the section “Related person(s)” (account holder, beneficial owner), and if the holder is an entity, also the “Account Owning Entity”.
  • If you select “Account”, it is technically sufficient to enter the presumed account holder’s name in “Account holder name”.

 

 

To - Destination of funds

If the funds are destined for an account held by a client of the reporting entity, and this is relevant to the report, select “Account (My Client)”.

If the funds are destined for an account held with another institution, select “Account”. The same applies if the destination account belongs to a client of the reporting entity but is not relevant to the report.

If the funds To are in a currency other than EUR, the Foreign currency section must be filled-in.

Next, you must specify the object type for the destination of the funds.

IMPORTANT:

For a “Insurance subscription/redemption” transaction type, the object type must ALWAYS be: “Account” or “Account (My Client)”

Thus, you must fill-in the details of the destination account.

See the user manual: Account - General information

Note:

  • If you select “Account (My Client)”, you must complete the section “Related person(s)” (account holder, beneficial owner), and if the holder is an entity, also the “Account Owning Entity”
  • If you select “Account”, it is technically sufficient to enter the presumed account holder’s name in “Account holder name”.

 

« Insurrance subscription»

This transaction type must be entered in the reverse order of an Insurance redemption:

  • From - Source of funds → Account, providing the bank account used to pay the insurance subscription
  • To - Destination of funds → Account, providing the details of the insurance contract subscribed

 

Here (Text, 2 Kb) is an example XML file for an insurance redemption transaction type.

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