OFAC Says Insurance Firm Remits $59K to Settle Iran Transaction Issue
The Office of Foreign Assets Control has updated its civil penalties and enforcement information to announce that General Reinsurance Corporation has remitted $59,130 to settle liability for apparent violations of the Iranian Transactions Regulations. The apparent violations consist of two…
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reinsurance claim payments in July and August 2005 to the Steamship Mutual Underwriting Association Limited for losses arising from vessel operations of the National Iranian Tanker Company. General Reinsurance voluntarily disclosed this matter to OFAC and the transactions do not constitute an egregious case.