The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $170,535 settlement with Allianz Global Risks U.S. Insurance Company (“AGR US”). AGR US is a Chicago-based property casualty insurer and a wholly owned subsidiary of Allianz SE, a German financial services provider organized under the laws of the European Union and Germany. AGR US operates AGR Canada as a Canadian branch office in Toronto, Canada. AGR US has agreed to remit $170,535 to settle its potential civil liability for 6,474 apparent violations of the Cuban Assets Control Regulations (“CACR”), 31 C.F.R. Part 515. OFAC has determined that AGR US voluntarily self-disclosed the apparent violations, and that these apparent violations constitute a non-egregious case.
For more information in regards to Allianz Global Risks U.S. Insurance Company, please visit the following web notice.
Separately, OFAC today also announced a $66,212 settlement with Chubb Limited, as successor legal entity of the former ACE Limited (“ACE”). ACE was a Swiss company that provided insurance and reinsurance services for commercial and individual customers worldwide. In January 2016, ACE merged with Chubb Corporation to create Chubb Limited (“Chubb”), which is a Swiss holding company headquartered in Switzerland. Prior to the merger, ACE Group Holdings, Inc. was a subsidiary of ACE, and an insurance holding company incorporated in the United States. Through a series of intermediate corporate entities, ACE Europe was a subsidiary of ACE Group Holdings, Inc. ACE Europe was domiciled in the United Kingdom and conducted business in Europe. As a subsidiary of a U.S. company, ACE Europe was subject to the Cuban Assets Control Regulations, 31 C.F.R. Part 515 (CACR). Chubb has agreed to remit $66,212 to settle its potential civil liability for 20,291 apparent violations of the CACR. OFAC has determined that ACE made a voluntary self-disclosure of the apparent violations, and that these apparent violations constitute a non-egregious case.
For more information in regards to Chubb Limited, please visit the following web notice.