NYDFS REQUESTS INFORMATION FROM REINSURERS REGARDING COMPLIANCE WITH IRAN FREEDOM AND COUNTER-PROLIFERATION ACT OF 2012
The New York Department of Financial Services issued a circular letter to all accredited reinsurers writing business in New York regarding compliance with the Iran Freedom and Counter-Proliferation Act of 2012. The July 24, 2013 circular expresses the Department’s concern with “recent news reports of a pattern of trades made by Glencore Xstrata and Trafigura with Iranian entities” and notes that while those transactions may not have violated the Act’s sanctions regime, similar such transactions might now result in sanctions. The Department asks reinsurers to respond to a number of questions posed by the Department by which it seeks to assess compliance, including whether any reinsurer insured the Glencore Xstrata and Trafigura trades with Iranian entities. NYDFS Insurance Circular Letter No. 6 (July 24, 2013).
This post written by John Pitblado.
