Which of the following entities is NOT typically classified as a money services business (MSB)?

Insurance companies are not typically classified as money services businesses (MSBs). MSBs are defined primarily by the activities they engage in, which include services like currency exchange, check cashing, and money transmitting. These activities are directly related to the flow of money and financial transactions, which aligns with the purpose of MSBs in providing liquidity and facilitating payments.

Insurance companies, on the other hand, operate primarily in the risk management and financial protection sector. They offer products that pay out benefits based on events such as death, illness, or property damage, rather than engaging in services that involve the direct exchange or transmission of currency. Though insurance companies handle large sums of money and may have regulatory obligations, their core functions do not align with those that characterize MSBs. This distinction marks why insurance companies are not classified under the MSB category.