I have a large, publicly traded subsidiary, life insurance company. Our upper management would like this customer to be exempt. After reviewing the Exemption Handbook, it does not specify whether this customer is eligible.I was under the impression that insurance companies were ineligible for exemption status?
If anyone could point me in the right direction, I would appreciate it.

You have an insurance company despositing more than $10,000 cash?

My first question would be - why?

Exactly. According to management they are depositing cash from people who pay their premiums in cash. The company has locations through out the United States, so the deposits are made by the agents across the states.

You've made me want to go back to my FATF collection. I thought I read that the 'best practice' for the insurance industry was to not accept premium payments in cash.

LoisLane is correct. It is not uncommon for the unbanked population or low/mod individuals to pay their premiums in cash. The bank I just left had an insurance company that frequently conducted transactions in cash.

So would a publicaly traded insurance company actually be eligable for exemption? Or would the bank be putting themself at risk exempting such a company?