The International Underwriting Association (IUA) recently published an international sanctions clause (09-065) for (re)insurance contracts, together with related commentary.  Essentially, the clause states that the (re)insurer will not provide cover where this would expose it to penalty/restriction arising out of any trade and economic sanctions laws.  The IUA highlights that the model clause and commentary are not definitive or mandatory and that the clause does not obviate the need to exercise due diligence in complying with applicable sanctions.