Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions Article 48

In the case of a beneficiary and a policyholder of a Cash Value Insurance Contract or an Annuity Insurance Contract being not the same person, an individual beneficiary specified in such contracts receiving a death benefit shall be presumed not to be a resident of a Reportable Jurisdiction, and such account shall not be treated as a Reportable Account. However, if the Reporting Financial Institution collects information associated with the beneficiary containing any of the indicia described in subparagraph 2 of paragraph 1 of Article 36, or has actual knowledge, or reason to know, that such beneficiary is a resident of a Reportable Jurisdiction, Article 36 and Article 37 shall be applied.