![]() ![]() ![]() government Iranian sanctions is expected and has specifically asked the reinsurers for indicia of compliance. Federal law, but in an interesting twist, the New York Department of Financial Services (“DFS”) has put all certified and accredited reinsurers in New York on notice that compliance with the latest set of U.S. This expanded ban includes prohibitions on insurance, reinsurance and underwriting activities.Ĭompliance with the sanctions program is mandatory under U.S. sanctions against Iran to include several new sectors and activities. ![]() As part of this effort, The National Defense Authorization Act for Fiscal Year 2013 (signed Januand effective July 1, 2013) includes a subtitle, the “Iran Freedom and Counter-Proliferation Act of 2012”(IFCPA). Over time the embargo imposed on Iran has expanded to include a more comprehensive ban on financial transactions involving the Government of Iran, or banking and other financial transactions involving persons in Iran in order to restrict or bar Iranian financial institutions from accessing the international financial system. person, wherever located, may sell, supply, export or have re-exported on their behalf, any goods, technology or services to Iran or to the Government of Iran. Treasury, Office of Foreign Assets Control (OFAC), no U.S. has imposed a trade embargo on Iran for more than 30 years. Due to Iran’s support for international terrorism and its aggressive action against international shipping in the Persian Gulf, the U.S. government administers and enforces economic sanctions programs primarily against countries and groups of individuals such as terrorists, through either comprehensive or selective action, using the blocking of assets and trade restrictions to accomplish its foreign policy and national security goals. ![]() Reinsurers Pressed for Compliance with Iran Sanctions The New York Court of Appeals' Landmark Decision in Diocese of Brooklyn and Its Potential Impact on Insurance Coverage Disputes Reinsurers Pressed for Compliance with Iran Sanctions > ![]()
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