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Results: 1-10 of 10

IFCPA potentially expands US sanctions against Iran to non-US insurers and reinsurers

  • Edwards Wildman Palmer LLP
  • -
  • Iran, USA
  • -
  • May 29 2013

President Obama signed the National Defense Authorization Act for Fiscal Year 2013 into law in January 2013, which includes a section entitled the

London insurers: Iran on high risk area list as sanctions loom

  • Edwards Wildman Palmer LLP
  • -
  • Iran, United Kingdom
  • -
  • March 31 2010

According to a recent report from Reuters, London's marine insurance market has added Iran to a list of areas deemed high risk

New OFAC sanctions in the insurance industry

  • Edwards Wildman Palmer LLP
  • -
  • Iran
  • -
  • April 27 2011

On April 26, 2011 the Office of Foreign Assets Control ("OFAC") reported that another insurance company has been sanctioned for violating the Iranian Transactions Regulations

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

Iran's shipping industry suffers as foreign insurers withhold coverage

  • Edwards Wildman Palmer LLP
  • -
  • Iran
  • -
  • July 28 2010

According to a recent article in the Washington Post, "Tehran's ability to ship vital goods has been significantly curtailed as some of the world's most powerful Western insurance companies cut off Iranian shippers out of fear that they could run afoul of U.S. laws, the insurers say."

A consensus emerges on Iranian sanctions: compliance may be easier for global insurers

  • Edwards Wildman Palmer LLP
  • -
  • Iran
  • -
  • July 30 2010

The enactment of the Comprehensive Iran Sanctions, Accountability and Divestment Act of 2009 (the "Iran Sanctions Act"), signed by President Obama in the first week of July, threatened the status quo regarding the insurance and reinsurance by international insurance firms of risks relating to the Iranian petroleum industry, including cargos of oil and petrochemical equipment

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

Court of Appeal considers impact of Iran sanctions order on contract of insurance

  • Edwards Wildman Palmer LLP
  • -
  • Iran, United Kingdom
  • -
  • June 3 2011

In Arash Shipping Enterprises Company Limited v Groupama Transport, the Court of Appeal considered the impact of Council Regulation (EU) No.9612010 (the Regulation) on a contract of insurance

Ban on insurance of tankers carrying Iranian oil

  • Edwards Wildman Palmer LLP
  • -
  • European Union, Iran
  • -
  • June 19 2012

On 1 July 2012, a European Union (EU) ban on payment by EU-based insurers of any claims related to the shipment of oil or oil products across Iran’s borders comes into force

California continues to publicize insurers involved in Iranian investments

  • Edwards Wildman Palmer LLP
  • -
  • Iran, USA
  • -
  • February 15 2013

In recent years, California has sought to establish disincentives for insurance companies to invest in certain sectors of the Iranian industry

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