Insurers questioned over trade with Iran

Does overlapping legislation make compliance with sanctions impossible for international businesses?

Commercial analysis: How can business ensure they aren't infringing international and national sanctions against Iran? Patrick Murphy, legal director and Nick Braganza, associate at Clyde & Co LLP Dubai consider the issues and warn that businesses could face high fines or criminal charges.

Original news

The Times, 2 July 2013: Insurers and reinsurers involved in business with Iran have been warned about tough new rules extending America's sanction regime against the country. The rules extend the scope of sanctions to include any company operating a business in the US and those providing financial services to companies trading with Iran. Superintendent of the Department of Financial Services, Benjamin Lawsky, has written to a number of insurers and reinsurers, including Lloyd's of London, Swiss Re, and Hannover Re, to warn of potential breaches of sanction.

What are the potential implications for insurers and reinsurers found to be in breach of sanctions with Iran?