Iran sanctions News

Foreign Insurers Take Cautious Look at Iran Business in Wake of Nuclear Deal

Western and Middle East insurance specialists see Iran as an appealing $8 billion market in the wake of its nuclear deal with world powers, though uncertainty over when sanctions on Tehran will be lifted means they are treating the country …

Iran Accord Would End Sanctions on Many Industries Including Re/insurance

Iran and world powers reached a historic accord designed to prevent the Islamic Republic from developing nuclear weapons in return for ending sanctions that have crippled the nation’s economy and slashed its oil exports. Here are some of the key …

EU Sanctions Relief for Iran Includes Lifting Insurance Ban

European Union governments will implement all EU sanctions relief for Iran covered by a landmark nuclear deal on Jan. 20, the day the agreement takes effect – including lifting a ban on insuring its oil, officials said on Monday. Under …

India’s Iran Oil Imports Drop as Refiners Await Insurance Fund

India’s crude imports from Iran fell 40 percent in the first nine months of this year as some refiners cut purchases from the sanctions-hit nation while waiting for New Delhi to back local insurers covering plants processing the oil. European …

New York Regulators Query 20 Reinsurers About Iran Ties

New York’s financial regulators asked 20 more reinsurance companies Wednesday for information about business with Iran in violation of U.S. sanctions, including measures they’ve taken to ensure they don’t underwrite prohibited shipping. The Department of Financial Services, which sent a …

Zurich Among Insurers Said to Be Probed in Expanded N.Y. Inquiry

Zurich Insurance Group AG is among companies being questioned by New York’s insurance regulator in a widening probe into compliance with an Iran sanctions law, according to a person familiar with the matter.The state Department of Financial Services is asking …

India Grants 3 Month Extension to Iranian Underwriters for Non-Oil Shipments

India has extended a temporary approval to Iranian underwriters Kish P&I Club and Moallem Insurance Co for covering container and tanker vessels calling at Indian ports, in a move that should clear a backlog of non-oil shipments. The three-month extension …

Swiss Re, Lloyd’s Among Insurers Probed by N.Y. on Iran Sanction

Swiss Reinsurance Co. and Lloyd’s of London, the world’s oldest insurance market, are among insurance companies being probed by New York’s insurance regulator about their compliance with an expanded Iran sanctions law. The state Department of Financial Services is asking …

Longer Routes Help Oil Tankers Mitigate Iran Sanctions

Oil tanker owners are cushioning the impact of Iranian trade restrictions by shipping crude over greater distances to some of Asia’s biggest economies, the founder of Nordic American Tankers Ltd. said on Wednesday. Chief Executive Herbjorn Hansson said Western sanctions …

Iran’s March Crude Exports Fall to Lowest Since Sanctions Began

Iran’s crude oil exports in March may plunge by a quarter from a month earlier to the lowest since tight Western sanctions came into effect in 2012, industry sources said, squeezing income for Tehran as sanctions cast doubt over its …