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Results: 1-10 of 47

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

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

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

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

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

Insurance: Iran sanctions

  • CMS Cameron McKenna
  • -
  • European Union, Iran
  • -
  • October 23 2012

Last week saw the Council of the EU strengthen its position on Iran in the wake of similar US measures over the summer

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