29 Mar 2024
Sunday 9 August 2015 - 11:16
Story Code : 175283

US insurance firm hit with fine for sanctioned deals with Iran, others

International specialty insurance group Navigators has agreed to settle a US investigation that it violated sanctions through deals tied to Iran, Sudan, North Korea and Cuba.

The US Treasury Department has announced in a statement that the New York-based company which focuses on maritime risks will pay about $272,000 to resolve the liability for 48 suspected violations.

Those violations included policies on North Korean-flagged vessels and coverage of incidents that involved Iran, Sudan and Cuba from May 2008 until early 2011.

Navigators managers and supervisors knew or had reason to know that the majority of the insurance policies and claims payments at issue involved OFAC-sanctioned countries, the Treasury Department announced, as reported by Bloomberg.

Navigators did not have a formal OFAC compliance program in place at the time the apparent violations occurred.

The initial penalty that had been set for Navigators was $750,000 from which $570,000 was a fine for North Korea sanctions violations.

Navigators earned $1.1 million in insurance premiums between 2008 and 2011 from 24 individual policies for North Korea vessels.

Between 2009 and 2010, the firm delivered $12,000 in payouts, said a report by the UPI.

By Press TV
https://theiranproject.com/vdcfctdymw6de0a.r7iw.html
Your Name
Your Email Address