Homeowners w/o Social Security #

[Halpert]

Anyone know a market that writes homeowners without a social security number. We're being asked by a bank to place this account. They apparently have another number that the government allows them to use to get the loan.

[jtownagent]

I believe that federal law (and some/most state laws) forbits requiring that anyone disclosure their SS#. Check with your state insurance department about this. Or better yet contact your underwriter about this issue. At the worst, the client should be subject to the "no hit" rate offer by any company.

[yoyowordup]

So you want to write a homeowners policy without being able to talk to the insured and/or underwrite the account?

[darnovak]

All agents and brokers in the USA must comply with OFAC. How will you do this without retaining a copy of a photo ID and verifying the identity of your insured? Most agents/brokers here don't know what OFAC is or choose to deny they must comply. Fine. If anyone cares to answer, please do so. Thank you.

[London946]

In CO, where I am based, we are not required to get the SS number but we would need to get a copy pf a photo ID. We also need to verify the identity of the insured and ask for at least 2 references

[jtownagent]

We also do an OFAC check on every client as well as get a form of ID. Techinically it is the US Patriot Act that requires this of finacial institutions. OFAC checks can be done online http://www.treasury.gov/ofac/downloads/t11sdn.pdf

[jtownagent]

So you want to write a homeowners policy without being able to talk to the insured and/or underwrite the account?

I must be missing something.......What does getting a SS# have to do with talking to clients or underwriting an account. Credit scoring can be done with name, address (Prior address) and DOB for most propsects.

[gforaker]

Lots of Foreign nationals own vacation property here in the States. They have no SS# yet certainly have the right to buy property and insure it.

[darnovak]

Insurance agents and brokers are prohibited from engaging in transactions that involve: individuals, entities, or vessels appearing on OFAC's SDN list. Check out: http://www.treas.gov/offices/enforcemen ... 1facin.pdf
The PATRIOT Act does not directly apply to iinsurance agents and brokers. The anti-money laundering requirements of the PATRIOT Act apply to financial institutions (as pointed out above) and insurance carriers. Insurance agents and brokers are excluded from the definitions of "insurance company" and "insurers". The exclusion does not mean we are exempt from reporting money laundering - businesses are still under the original BSA and must comply with it. An insurance agency or brokerage is a business (last I knew). Agents and brokers are still required to file the Cash Transaction report and the Suspicious Activity Report as per FinCEN (financial crimes enforcement network). See: http://www.fincen.gov/reg_bsaforms.html
All U. S. citizens and entities within the United States must comply with OFAC regulations. Average Insured (a person) walks into your office and wants insurance. You must confirm his/her identity and maintain a copy of a governmental photo ID on file to justify your actions. You must determine this person is not an SDN. The SSAN provided must match the name. Yes, everyone knows that "SSAN is not to be used for identification purposes" but we live in the real world now don't we. I suggest you all learn about OFAC regulations and make your business compliant.

[OldIndyAgent]

Ditto...good info!

[Halpert]

Obviously there are government regulations so I'm not asking for a lecture. These are perfectly legal loans that are made using an ITIN instead of a social security number. What I'm asking for is if anyone knows of markets that will write homeowners policies without a social.

Thanks

[Detroitgirl]

If you don't have a social security number, you need an ITIN to get a bank account. Generally, you need to file a tax return to get an ITIN. So, I would guess most 'individual property owners' would have at least the ITIN, if not the social security number.

It would be interesting to know if insurance company would write a policy without either social security number or ITIN for an individual, because these numbers are important to identifying the customer.