Sanctions Archives - Page 2 of 2 - Insurance & Reinsurance

New Search Tool Available for Checking the Names of Specially Designated Nationals and Blocked Persons Subject to U.S. Sanctions

Mar 14, 2013 | Industry Developments, Sanctions | United States

The Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury recently launched a new version of SDN Search, the search tool for searching its Specially Designated Nationals (“SDN”) and blocked persons list. According to OFAC, the new version of SDN Search provides users with much more leeway when searching for names. For example, SDN Search no longer returns only exact matches.

President Obama imposes Sanctions on Libya

by Geoffrey Etherington | Mar 2, 2011 | Federal Legislative Developments, Regulatory, Sanctions | United States

In response to country-wide turmoil and civil unrest and growing reports of deadly attacks by the Libyan government upon protesters, on February 25, 2011, President Barack Obama by Executive Order imposed broad economic sanctions against Muammar Qadhafi and his sons, senior officials of the Libyan government, persons involved in human rights abuses in Libya, persons providing financial or other support to Colonel Qadhafi, his family, the Libyan government or those violating human rights, persons owned or controlled by or acting on behalf of any of such persons and the families of any of such persons (“Blocked Libyan Person(s)”).

OFAC Gives Presentation on Regulation of Business – Important Considerations for Insurance and Reinsurance

Sep 27, 2010 | Federal Legislative Developments, Industry Developments, Sanctions | United States

On September 23, 2010, David Brummond, Senior Sanctions Advisor for Insurance at the Office of Foreign Assets Control (“OFAC”) in the U.S. Treasury Department, gave a presentation at the HR Litigation Conference on International Economic Sanctions on “Regulation of Business – Important Considerations for Insurance and Reinsurance.” Mr. Brummond’s presentation gave an overview of the role of OFAC with respect to insurance industry related activities.

A Consensus Emerges on Iranian Sanctions: Compliance May be Easier for Global Insurers

Jul 30, 2010 | Federal Legislative Developments, Regulatory, Sanctions | European Union

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.

Credit Suisse to Settle Iran Sanctions Claims

Dec 16, 2009 | Industry Developments, Regulatory, Sanctions | United States

Credit Suisse announced on December 15, 2009 that it is nearing a $536 million settlement with the New York County District Attorney’s office and the US Department of Justice, Federal Reserve Board, Federal Reserve Bank of New York and the Office of Foreign Assets Control (OFAC).

Topic: Sanctions

New Search Tool Available for Checking the Names of Specially Designated Nationals and Blocked Persons Subject to U.S. Sanctions

President Obama imposes Sanctions on Libya

OFAC Gives Presentation on Regulation of Business – Important Considerations for Insurance and Reinsurance

A Consensus Emerges on Iranian Sanctions: Compliance May be Easier for Global Insurers

Credit Suisse to Settle Iran Sanctions Claims

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