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OFAC steps up enforcement against (re)insurance industry

USA - April 29 2011 Over half of the penalties announced by the U.S. Office of Foreign Assets Control (“OFAC”) in 2011 for alleged violations of the U.S. economic and trade sanctions regulations have been assessed against the insurance industry....

Berne C. Kluber.

California Insurance Commissioner turns up the heat as state departments of insurance assist Uncle Sam

USA - December 11 2009 In our August 18, 2009, Client Alert entitled "OFAC, AML and FCPA Compliance: State Departments of Insurance Lend a Helping Hand to Uncle Sam," we discussed the efforts made by state insurance regulators to assist the federal government in the war on terror, drugs and those posing a threat to the safety and security of the United States....

Jon Biasetti, Timothy S. Farber.

OFAC, AML and FCPA compliance - State Departments of Insurance lend a helping hand to Uncle Sam

USA - August 19 2009 While supervision and enforcement of international trade sanction, bribery and money laundering laws and regulations resides with federal authorities, the National Association of Insurance Commissioners (the "NAIC") and state insurance regulators are being drafted or voluntarily enlisting to assist Uncle Sam in the war on terror, drugs and those posing a threat to the safety and security of the United States....

Jon Biasetti.

New York’s highest court narrowly construes property exclusions and finds coverage

USA - May 5 2009 On April 30, 2009, the New York Court of Appeals (New York’s highest state court) in Pioneer Tower Owners Assoc. v. State Farm Fire & Cas. Co., et al., 2009 NY Slip Op 3409, narrowly construed the “earth movement” exclusion and the exclusion for “settling or cracking,” variations of which are often found in property insurance policies, and held that the exclusions did not exclude coverage for property damage where the event giving rise to the earth movement, settling and cracking was human excavation....

Molly McGinnis Stine.