Iran sanctions News

Switzerland Is 1st Nation to Lift Iran Sanctions; Re/Insurer Policies Affected

Switzerland is lifting sanctions against Iran after the Gulf state sealed a historic accord with world powers to curb its nuclear program. The move on Wednesday made it the first nation to remove sanctions since the July 14 deal, which …

A.M. Best: Sanctions Removal to Attract Re/Insurers to Iranian Market

The lifting of trade restrictions placed on Iran may present significant opportunities for the Middle East and North African (MENA) re/insurance market, with European participants also expected to re-engage and seek a foothold in the country, according to research published …

Navigators Group Settles Probe Into Iran, North Korea Sanctions Violations

Navigators Group Inc., the insurer that focuses on marine risks, agreed to settle a U.S. probe that it violated sanctions through deals tied to banned nations. Navigators will pay about $272,000 to resolve the liability for 48 suspected violations, according …

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 …