Illinois Insurance Director Nat Shapo has issued a bulletin to all Illinois insurance companies advising them to review their records and comply with an executive order signed by President Bush to freeze the assets of any person or organization named on a federal list of persons who permit, threaten to commit, or support terrorism.
According to Shapo, the President’s order makes it necessary that insurers freeze any and all funds of the named individuals and organizations. Shapo said in issuing this bulletin, he wanted to make explicit his understanding of industry obligations and to advise them that violators may be subject to sanction by the Department of the Treasury.
President Bush issued the executive order Sept. 24, instructing organizations to freeze U.S. assets of and block transactions with 27 individuals and organizations. The list is published on the U.S. Department of the Treasury, Office of Foreign Assets Control, website at www.treas.gov/ofac.
Shap added that insurers should also regularly review the U.S. Treasury’s website for updates regarding those suspected of conducting or financing terrorist activities. He noted that President Bush’s order requires that the Illinois insurance industry leave no stone unturned in the quest to starve terrorists of their funding and bring them to justice.
Was this article valuable?
Here are more articles you may enjoy.
California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme 
Progressive Records Five-Fold Increase in Q1 Net Income 
Vintage Ferrari Owners’ Favorite Mechanic Charged With Theft, Fraud 
North Carolina Adjuster and Son Charged With Embezzlement in Roof Jobs 
