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Aon Energy settles with OFAC after alleged sanctions violations

  • Edwards Wildman Palmer LLP
  • -
  • Iran, USA
  • -
  • February 15 2011

Aon International Energy, Inc. ("Aon Energy") has entered a $36,000 settlement with the Office of Foreign Assets Control ("OFAC") after allegations that the broker violated the Iranian Transactions Regulations

California Department of Insurance settles suit over Iran investments

  • Barger & Wolen LLP
  • -
  • Iran, USA
  • -
  • February 6 2012

On January 27, the California Department of Insurance (“DOI”) issued a news release that it had reached a settlement in its lawsuit that sought to require insurers to disclose investments in companies doing business with Iran

Iran-related investment bill clears committee

  • Barger & Wolen LLP
  • -
  • Iran, USA
  • -
  • May 2 2012

On May 2, 2012, the California Assembly Insurance Committee approved a bill that would direct the insurance commissioner to treat a domestic insurer’s investment in a company that has business operations in Iran as a non-admitted asset

Lloyd's Market drafts exclusion to ensure compliance with Iran sanctions

  • Edwards Wildman Palmer LLP
  • -
  • Iran, USA
  • -
  • August 23 2010

As previously reported in this blog, President Obama signed into law the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010 (the "Iran Sanctions Act") in July, following the less stringent sanctions passed earlier by the U.N

Sanctions update

  • Reed Smith LLP
  • -
  • European Union, Iran, Libya, Syria, United Kingdom, USA
  • -
  • May 13 2011

This is a two part sanctions update

U.S. expands secondary sanctions on non-U.S. parties doing business with Iran: what insurers and reinsurers need to know

  • Sidley Austin LLP
  • -
  • Iran, USA
  • -
  • July 22 2013

Effective July 1, 2013, the United States imposed further secondary sanctions on non-U.S. parties who engage in trade or other transactions with Iran

New York Department of Financial Services looks at non-US reinsurers’ compliance with Iran sanctions law

  • Steptoe & Johnson LLP
  • -
  • Iran, USA
  • -
  • July 2 2013

For a state regulator, the New York Department of Financial Services ("DFS" or the "Department") has demonstrated an unusual interest in enforcing

New U.S. sanctions may target overseas insurers and reinsurers of Iranian oil industry

  • Wiley Rein LLP
  • -
  • Iran, USA
  • -
  • September 29 2009

The revelation of Iran's second underground uranium enrichment plant and that country's test firing of two long-range missiles have reinvigorated the Iran sanctions bills introduced in Congress in April

The Iran Threat Reduction Act insurers and reinsurers beware

  • Eversheds LLP
  • -
  • Iran, Syria, USA
  • -
  • September 27 2012

The Iran Threat Reduction and Syria Human Rights Act, the latest in an ever expanding arsenal of US-based long-arm jurisdiction statutory instruments, was passed into law on 10 August 2012, following extensive negotiation in the US legislature

Federal legislative update Iran sanctions

  • Jorden Burt LLP
  • -
  • Iran, USA
  • -
  • December 22 2009

A recent bill passed by the U.S. House of Representatives that expands U.S. economic sanctions targeted at Iran’s refined petroleum resources could have significant implications for the insurance and reinsurance industry