Insurance sanctions

62. What should an insurer do if an applicant for a policy, or the underlying insured activity, is subject to OFAC sanctions? Insurance ...

102 | Office of Foreign Assets Control - Treasury

The best and most reliable approach for issuing policies with global risk coverage without violating U.S. sanctions law is to include a clause ...

Insurance sanctions: Compliance for the insurance industry - Moody's

By prioritizing sanctions compliance, insurance companies can protect themselves from legal and reputational risks and maintain the trust of ...

US publishes new sanctions FAQs for the insurance industry

OFAC has published 2 new insurance-related FAQs for sanctions compliance. FAQ 1199 explains that insurance companies should contact OFAC ...

Insurance sector needs to take care over sanctions - Steptoe

These sanctions prohibit financial transactions and business deal- ings that directly or indirectly involve sanctioned countries or parties, absent a government.

US says MetLife unit reached settlement over Iran sanctions violations

The U.S. Treasury Department said on Thursday that New York-based insurer MetLife's unit, American Life Insurance Co, agreed to settle its ...

Locke Lord QuickStudy: Navigating AML and Sanctions Compliance ...

Insurance companies are deemed “financial institutions” under the BSA. The USA PATRIOT Act of 2001 (Pub. L. No. 107-56 (2001)) further directs ...

Russian sanctions and the insurance industry - Davies Group

For the insurance industry this may cause loss of business and trigger loss claims. Some of the sanctions are directly aimed at blocking Russian entities and ...

(Re)insurance sanctions against Russia: A year in brief review

The “new investment” ban also restricts U.S. persons from purchasing securities (new or existing) issued by Russian companies. Insurance companies will need to ...

Event Insurance / Sanctions | USA Track & Field

Event Insurance / Sanctions. A USATF Sanction is an official designation issued by USATF, through a local Association, which approves and licenses the holding ...

Overview - AML & Sanctions Compliance for the Insurance Industry

CONNECT WITH YOUR INSURANCE PEERS IN-PERSON OR VIRTUALLY. This 1 ½ Day Conference will discuss the latest regulatory developments, enforcement priorities and ...

Financial and trade sanctions: implications for the insurance sector

This note outlines key financial and trade sanctions compliance considerations for insurers and reinsurers. It identifies sanctions issues that are specific ...

Sanctions & financial crime - Lloyd's

... sanctions and regulatory risk ... Sanctions & financial crime. Find information on ... Individual insurance policies are arranged by firms of insurance ...

OFAC Insurance Industry Regulations | Compliance Lawyer

The Office of Foreign Assets Control (OFAC) is the federal agency that administers economic sanctions programs. A division of the U.S. Department of the ...

INSURANCE CODE CHAPTER 82. SANCTIONS - Texas Statutes

Sec. 82.053. RESTITUTION. (a) The commissioner may direct the holder of an authorization to make complete restitution to each Texas resident, each Texas insured ...

Economic Sanctions and Insurance | Crowell & Moring LLP

Crowell & Moring's international economic sanctions team has developed a unique niche serving as advisors to insurers and reinsurers on compliance with U.S. ...

US life insurance company settles over Iran sanctions violations

OFAC has announced a $178,421 settlement with American Life Insurance Company (ALICO, a subsidiary of MetLife, Inc) for 2,331 apparent ...

Sanctions and the Insurance Industry - GI Council

For example, sanctions against Iran have restricted the ability of insurers to provide coverage for oil tankers sailing to and from Iran, resulting in a ...

New sanctions on Russia and what it means for US companies and ...

“As a result, US insurers are prohibited from transacting with sanctioned entities and are legally required to block assets, including insurance ...

Sanctions Benefits | USA Track & Field

It is important to know that events that are already insured may choose to waive the insurance coverage and pay a lower sanction fee. Events that waive USATF ...