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The Iran (European Union Financial Sanctions) Regulations 2010
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- UK Statutory Instruments
- 2010 No. 2937
- PART 3
- Regulation 17
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Insurance and reinsuranceU.K.
This section has no associated Explanatory Memorandum
17.—(1) A person (“P”) must not provide insurance or re-insurance to—
(a)Iran or its Government, and its public bodies, corporations and agencies;
(b)any other Iranian legal person, entity or body; or
(c)a person, entity or body acting on behalf of or at the direction of a person, entity or body referred to in sub-paragraph (a) or (b),
if P knows or has reasonable cause to suspect that the insurance or reinsurance is being provided to such a person, entity or body.
(2) The prohibition in paragraph (1) does not apply to the provision of compulsory or third party insurance to Iranian persons, entities or bodies based in the European Union.
(3) The prohibition in paragraph (1)(c) does not apply to the provision of—
(a)insurance, including health and travel insurance, to individuals (other than designated persons) acting in their private capacity, or
(b)re-insurance relating to insurance falling within sub-paragraph (a).
(4) The prohibition in paragraph (1)(c) does not prevent the provision of insurance or re-insurance to the owner of a vessel, aircraft or vehicle which is chartered by a person, entity or body referred to in paragraph (1)(a) or (b), provided that the person, entity or body to which it is chartered is not a designated person.
(5) For the purposes of paragraph (1)(c), a person, entity or body does not act at the direction of a person, entity or body referred to in paragraph (1)(a) or (b) where the direction is for the purposes of docking, loading, unloading or safe transit of a vessel or aircraft temporarily in Iranian waters or airspace.
(6) The prohibition in paragraph (1) applies to the extension or renewal of an insurance or re-insurance agreement concluded before 27th October 2010, but, subject to regulations 4 to 7, does not apply to compliance with an insurance or reinsurance agreement concluded before that date.
(7) A person who contravenes the prohibition in paragraph (1) commits an offence.
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