FinCEN agrees that both the insurance regulators and industry will benefit from a more industry-specific format for reporting suspicious activity. Currently, insurance industry SARs are being filed on the SAR-SF, which was designed for the Securities and Futures industry. The Suspicious Activity Report by Insurance Companies No- tice and Request for Comment was published in the Federal Register on November 3, 2005. 2 FinCEN has instructed insurance filers to add “SAR-IC” after the name of the in- stitution (Part IV, Field 36) and begin the narrative with the term, “Insurance SAR” (Part VI). 3 This study found that some.
