Marine Insurance Restrictions (in the U.S. and in Foreign Countries)
RESTRICTIVE LAWS / REGULATIONS
(IN UNITED STATES AND IN FOREIGN COUNTRIES)
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.
AIMU has partnered with Axco to create an insurance regulatory report, providing details on compulsory insurances, non-admitted restrictions and market practice from 40 countries who are among the largest trading partners for the United States. The report provides an overview of Axco’s information and data offerings, relevant to the global marine insurance industry. The report will be updated periodically and we anticipate that more countries will be added to the report over time. By agreement, the report is password protected and available to AIMU members only.
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