RESTRICTIVE LAWS / REGULATIONS
(IN UNITED STATES AND IN FOREIGN COUNTRIES)

U.S. RESTRICTIONS

The U.S. Government, through the Office of Foreign Assets Control (OFAC), has determined that American citizens (companies or individuals) may not generally do business with governments / companies / individuals in certain foreign nations.   These prohibitions apply to marine insurance as well as other types of business.   Please understand that OFAC regulations are complicated and that they vary from country to country.  In some cases, certain items may be insured (i.e. humanitarian aid) notwithstanding the general prohibition.  In general, however, it is likely that you are prohibited from writing the marine insurance on risks associated with these countries.  For much greater detail, click onto OFAC's website www.treas.gov/ofac

 

FOREIGN RESTRICTIONS
(from IUMI - Freedom of Insurance - 2008)

                 
A LIST OF COUNTRIES WITH RESTRICTIVE MEASURES
IN THE FIELD OF MARINE INSURANCE

Cargo Restrictions

WTO Trade Agreements

The Link below provides country-by-country commitments to eliminate market access restrictions in the insurance business, including the cross-border supply of cargo insurance.  These commitments were made under the General Agreement on Trade in Services (GATS) as a result of a December 1997 agreement on financial services, which entered into force in March 1999.  The GATS negotiations are continuing in an effort to expand upon the existing commitments.  Please note that this information has been posted on the Internet by the European Union based on materials obtained from the World Trade Organization (WTO) and AIMU has not verified its accuracy.   

http://gats-info.eu.int