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Economic Sanctions Insurance Industry

Pillsbury Winthrop Shaw Pittman LLP

What Lessors Need to Know: English High Court Rules on Russian Aircraft Losses

The Judgment addressed joined insurance claims brought by major aircraft lessors whose aircraft and engines were stranded in Russia following the imposition of sweeping Western sanctions and Russian government measures which...more

Proskauer Rose LLP

Regulation Round Up - May 2025

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more

Troutman Pepper Locke

Between a Claim and a Hard Place: OFAC Sanctions Preempt State Insurance Laws

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U.S. sanctions laws present complex conflicts with state insurance laws. While state laws govern the timely payment of claims and other insurance practices, U.S. sanctions administered by the U.S. Department of the Treasury’s...more

Bass, Berry & Sims PLC

International Trade Enforcement Roundup – November 2024

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You are reading the November 2024 Update of the Bass, Berry & Sims Enforcement Roundup, where we bring notable enforcement actions, policy changes, interesting news articles, and a bit of our insight to your inbox. -...more

Morgan Lewis

New OFAC FAQs Offer Guidance on Insurers’ OFAC Compliance Obligations

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The US Office of Foreign Assets Control recently amended its insurance-related FAQ and issued two new FAQs. This focus on insurance-related guidance comes at the same time as an enforcement action targeting an insurer that...more

Troutman Pepper Locke

OFAC Issues New and Amended FAQs ‎for the Insurance ‎Industry

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On November 13, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) amended several insurance-related Frequently Asked Questions (“FAQs”) (61, 62, 63, 64, 65, 68, 69, 102, 103, and 104) as...more

Walkers

Global Legal Insights FinTech 2024: British Virgin Islands chapter

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The government of the British Virgin Islands (“BVI”) and the BVI Financial Services Commission (“FSC”) – the principal financial services regulator – have progressed important initiatives in recent years that demonstrate the...more

K&L Gates LLP

Brussels Regulatory Brief: Winter 2023-2024

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Antitrust and Competition - The European Court of Justice Held Rules Set by Sports Governing Bodies Must Comply With EU Competition Law - On 21 December 2023, the European Court of Justice (ECJ) held in a preliminary ruling...more

Akin Gump Strauss Hauer & Feld LLP

New EU & UK Sanctions

EU’s 12th Sanctions Package - On 19 December 2023, the Council of the European Union (EU) together with the Commission published its 12th round of sanctions....more

K2 Integrity

Implementation of the Russian Oil Price Cap and Key Compliance Considerations

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As the Russian invasion of Ukraine continues, so too does Russia’s isolation from the West. Member nations of the Group of Seven (G7)—the United States (U.S.), Canada, France, Germany, Italy, Japan, and the United Kingdom...more

Pillsbury - Policyholder Pulse blog

Weathering Economic Turbulence: Assignment of Insurance Claims for Losses Under Russian Sanctions

The Russia/Ukraine conflict has led to a monumental decoupling of Russia from the global economy, with dire consequences for many industries—including the aircraft leasing industry. Western governments’ still-evolving...more

BCLP

Banking Bites - June 2022

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New High Court case considers nature and scope of the Quincecare duty - In June, the Court of Appeal expanded the scope of a bank’s duty of care to protect its customers from fraud to encompass instructions by those other...more

Pillsbury - Policyholder Pulse blog

No Way Home: Coverage Implications of Russia’s Seizure of Foreign-Owned Aircraft

Ten billion dollars. Russian airlines lease an estimated $10 billion worth of foreign-owned aircraft. Most of these aircraft are leased from companies based outside Russia—often in Ireland, a global aircraft-leasing hub...more

Vinson & Elkins LLP

Key Questions About Aircraft In Russia

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Since February 24, 2022, Russia’s invasion of Ukraine has led to unimaginable human suffering, a growing refugee crisis and a rising death toll. The invasion sparked a global response as governments moved to sanction the...more

American Conference Institute (ACI)

[Virtual Event] AML & OFAC for the Insurance Industry - January 21st, 8:45 am - 5:00 pm EST

ACI’s Virtual Forum on AML & OFAC Compliance for the Insurance Industry offers one day of key insights, strategic knowledge, and actionable solutions to ensure that your business avoids costly sanctions and ensures compliance...more

Morrison & Foerster LLP

Following U.S. Lead, UK Office Of Financial Sanctions Implementation Issues Maritime Guidance

Much of the world’s focus is on the COVID-19 pandemic, and rightfully so, but sanctions regulators also have their gazes fixed on another issue: the maritime industry. On May 14 2020, we saw the U.S. Departments of State and...more

Cozen O'Connor

English Court Considers if U.S. Controlled Marine Insurers Must Pay Claim in Light of Sanctions

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Mamancochet Mining Limited v Aegis Managing Agency Limited and Others - In this important recent marine insurance case, London based but U.S. controlled insurers were ordered by an English court to pay a cargo insurance...more

A&O Shearman

Mere risk of exposure to sanctions insufficient for underwriters to avoid liability

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Underwriters could not rely on a sanction limitation and exclusion clause in an insurance policy, which referred to insurers’ “exposure” to sanctions, to avoid liability for a claim simply because there was a risk that the...more

Hogan Lovells

UK: Sanctions exclusion clauses: What can we learn from Mamancochet Mining Limited v Aegis Managing Agency Limited and Others...

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On 12 October 2018 the High Court handed down judgment in a case that concerned a claim brought against insurers for payment under a marine cargo policy relating to the theft of steel billets from an Iranian port in late...more

Hogan Lovells

Iran sanctions: Snapback becomes reality

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The United States has begun re-imposing nuclear-related sanctions with respect to Iran in connection with the expiration of the 90-day wind-down period announced alongside the United States' 8 May 2018 withdrawal from the...more

Hogan Lovells

The Obama Administration Eases Sanctions Against Sudan

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On January 13, 2017, the White House, the U.S. Department of Treasury ’s Office of Foreign Assets Control (OFAC) , and the U.S. Department of Commerce ’s Bureau of Industry and Security (BIS) announced a host of policy...more

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