UK Issues Insurance General License Under Autonomous Sanctions Regimes
The U.K.'s Office of Financial Sanctions Implementation on July 26 issued a general license, titled "Payment to UK Insurance Companies for Building and Engineering Insurance," under its autonomous sanctions regimes. The license indefinitely permits designated individuals and entities to use…
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a frozen bank account to pay U.K. insurers insurance premiums, reinsurance premiums and broker commissions for building and engineering insurance coverage. The license further allows U.K. insurers to receive these payments and to make return payments to frozen U.K. bank accounts due to overpayments and the payment of funds due as a result of a claim made relating to the payments. Sanctioned parties can also receive return payments from U.K. insurers into frozen bank accounts.