Tag archives: Sanctions

Enforceability of the sanctions exception in policies (UK)

By Patrick Bracher (ZA) on November 25, 2018 Posted in Insurance

An awaited decision on the enforceability of the sanctions provision in policies of insurance heard in the UK courts has turned out to be of not much general assistance. The English High Court found that, although an insurer is not liable to pay a claim where the payment would be prohibited under EU or US … Continue reading

NY insurer fined for violating sanctions

By Patrick Bracher (ZA) on September 2, 2015 Posted in Insurance

The US Department of Treasury fined a New York-based insurer nearly $300 000 for 48 apparent violations of sanctions against North Korea, Iran, Sudan and Cuba. The insurers despite knowing they were dealing with OFAC-sanctioned countries provided coverage to North Korean vessels and were involved in incidents involving the other countries. The policies were issued by … Continue reading

Russian sanctions could affect reinsurance

By Patrick Bracher (ZA) on February 9, 2015 Posted in Insurance

Insurers must remember that jurisdictions in which the world’s major insurers operate such as the EU, Switzerland and the USA have imposed sanctions against Russia. Russian corporations and shareholders may be named on a sanctions list which will affect the enforceability of any reinsurance of a policy where a listed person is indemnified. There are … Continue reading

Sanctions on Russian and Ukrainian entities

By Desiree Reddy (ZA) on August 5, 2014 Posted in Banking

The European Union, the USA and Canada have imposed sanctions on a number of Russian and Ukrainian individuals and legal entities. The nature and scope of the sanctions are explained in this briefing. If a bank has entered into credit risk mitigation arrangements with Russian or Ukrainian counterparties, or relating to Russian or Ukrainian assets, … Continue reading