JERSEY CITY, N.J., Nov. 19, 2003 — Insurance Services Office, Inc. (ISO) has expanded its suite of compliance products to help insurers and other businesses comply with the requirements of the U.S. Treasury's Office of Foreign Assets Control (OFAC).
ISO's new OFAC Enterprisewide solution is designed to search for and detect payments to organizations or individuals involved in terrorist activities, international narcotics trafficking and other organized crime, or activities related to the proliferation of weapons of mass destruction.
The ISO solution can be used by any department within an organization, such as human resources, accounts payable, underwriting and others, to search lists against the OFAC watch list of Specially Designated Nationals and Blocked Persons.
Participating organizations submit a data feed to ISO. The search criteria may include the name of the business or individual (required for searching), state, country, date of birth, Social Security number (SSN) and/or passport number.
Submitted records are searched against the OFAC database. Search results and matching details are returned the next day electronically or via the ISO ClaimSearch® website. Companies using ISO's Enterprisewide solution also have access to its OFAC LookUp query capability for single searches against the OFAC watch list.
In addition to the Enterprisewide solution, ISO ClaimSearch offers other OFAC compliance solutions for claims-handling departments. These solutions automatically check claims reported daily or in real time to ISO ClaimSearch against the OFAC list.
ISO ClaimSearch is the property/casualty industry's comprehensive fraud-fighting resource for analyzing claim attributes and is the repository of bodily injury, property damage and automobile claims histories.
For more information on the OFAC Enterprisewide solution, call ISO ClaimSearch Customer Support toll-free at 1-800-888-4476 or send an e-mail to firstname.lastname@example.org.
ISO is a leading source of information, products and services related to property and liability risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides data, analytical and decision-support products; consulting; data processing; and technical, statistical and actuarial services. ISO field services include on-site rating and underwriting services and the evaluation of community loss-mitigation efforts. ISO's products help customers with sales and prospecting, underwriting, rating and quoting, customer management, policy administration, product development, claims administration and fraud detection. ISO's AIR Worldwide subsidiary provides technologies to assess and manage natural and man-made extreme-event risk. Through its ISO Claims Services, Inc. (iiX unit) and Intellicorp subsidiaries, ISO provides motor vehicle reports and criminal-records information and through its AscendantOne unit delivers rating, quoting and policy-administration solutions. In the United States and around the world, ISO serves insurers, reinsurers, agents, brokers, self-insureds, risk managers, insurance regulators and other government agencies.