March 8, 2012 | Quote
Global Insurers Targeted in Latest U.S. Bid to Expand Sanctions on Iran
The proposed measure “broadens the scope of U.S. sanctions to target Asian, Russian and other insurance and reinsurance companies looking to backfill on deals abandoned by their U.S. and European competitors,” Mark Dubowitz, executive director of the Foundation for the Defense of Democracies, a Washington research institute, said in an interview yesterday.
“If you are insuring the sale of Iranian petroleum without an exception granted to your country under the U.S. central bank sanctions law, underwriting a major oil or natural gas project in Iran, or insuring the sale of parts and components for Iran’s nuclear program, you could be the target of these new measures,” said Dubowitz, who has advised members of Congress and the administration on expanding Iran sanctions. …
Dubowitz said the legislation will also target companies that provide reinsurance to Iranian protection and indemnity clubs that protect shippers against marine risks, such as Bimeh Iran Insurance Co. and Moallem Insurance Co., which have been designated by the U.S. government for involvement in illicit activities.