Frequently Asked Questions

102. How can an insurer or reinsurer participate in worldwide insurance markets through global insurance policies if, by definition, coverage extends to potential risks in sanctioned countries?

102 … The best and most reliable approach for issuing policies with global risk coverage without violating U.S. sanctions law is to include a clause ensuring there is no coverage for risks that violate U.S. sanctions law. The exact wording of such clauses may vary depending on the type of policy (e… Read more

103. What if market circumstances of the relevant commercial setting do not permit the use of a U.S. sanctions-specific exclusionary clause?

103 … OFAC recognizes that U.S. insurers and reinsurers often compete in international markets where non-U.S. insurers are willing and able to issue global insurance policies without an exclusion that applies to U.S. sanctions, or where such clauses may be prohibited under local law. In cases where… Read more

Frequently Asked Questions

Office of Terrorism and Financial Intelligence