Political Barriers

Domestic and foreign insurers and brokers might be at risk from economic and trade sanctions imposed by the US government. The federal government currently maintains economic and trade sanctions against several countries. With few exceptions, the sanctions prohibit US companies and citizens from con...

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Bibliographic Details
Published in:Best's Review 2000-05, Vol.101 (1), p.80
Main Authors: Whalen, Thomas J, Schryver, David G, Rifkind, David F
Format: Magazinearticle
Language:English
Subjects:
Aircraft
Brokers
Citizens
Fines & penalties
Foreign investment
Foreign subsidiaries
Insurance coverage
Insurance industry
Insurance policies
International trade
Jurisdiction
Manycountries
Noncitizens
Sanctions
Transportation services
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Summary:Domestic and foreign insurers and brokers might be at risk from economic and trade sanctions imposed by the US government. The federal government currently maintains economic and trade sanctions against several countries. With few exceptions, the sanctions prohibit US companies and citizens from conducting business with companies and people in these targeted countries. US insurers need to be aware of these restrictions. Consequences for ignoring the sanctions can be severe. Criminal violations can result in fines of up to $1 million and incarceration of up to 12 years. Large civil penalties often are imposed. The scope and coverage of the sanctions vary among the targeted countries. Thus, an insurance transaction that is permissible in Sudan might be illegal if it involves an insured in Cuba.
ISSN:1527-5914
2161-282X