HOW GOVERNMENT SANCTIONS AFFECT YOUR GLOBAL PROGRAM (TLT024)

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2 HOW GOVERNMENT SANCTIONS AFFECT YOUR GLOBAL PROGRAM (TLT024) Speakers: Valerie Joseph, Senior Vice President - International, Willis NA Tanja Maffei, Senior Vice President International, Willis NA

3 Learning Objectives At the end of this session, you will: Understand Sanctions Transactions in/with Sanctioned Territories Licenses Sanction Touch-points How Insurers Response Insurance Policy wording Information Insurers require If and How Coverage is provided

4 Financial Sanctions What are Sanctions? Sanctions are penalties applied by one or several countries on another for the purpose of controlling, prohibiting or restricting economic or trade activity Can freeze the funds or any kind of assets of a Specially Designated National (SDN) Can prohibit funds being made available to an SDN Can restrict insurance activity (e.g. insurance prohibitions relating to Syria and Iran) Trade Sanctions/Embargoes Can be broad or limited to specific activities or products to or from the sanctioned countries. Sanctions are mainly imposed by the US, the UN &/or the EU

5 Transactions with Sanctioned Territory A license is an authorization from OFAC to engage in a transaction that otherwise would be prohibited. There are two types of licenses: general licenses and specific licenses. A general license authorizes a particular type of transaction for a class of persons without the need to apply for a license. A specific license is a written document issued by OFAC to a particular person or entity, authorizing a particular transaction in response to a written license application. OFAC Office of Foreign Asset Control (US Department of the Treasury) Source:

6 Sanctions Touch-Point A sanctions touch-point can include, but is not limited to, instances where the insured risk, the insured or a party to an transaction is: A national of a sanctioned territory The government of a sanctioned territory An entity incorporated in a sanctioned territory Owned or controlled by any of the above Conducting business in a sanctioned territory Shipping goods or traveling to a sanctioned territory Current EU, UK, UN and US sanctioned territories include: Afghanistan, Belarus, Burma/Myanmar, Central African Republic, Cote d Ivoire, Cuba, Democratic Republic of Congo, Egypt, Eritrea, Iran, Iraq, Lebanon, Liberia (Former Liberian Regime of Charles Taylor), Libya, North Korea, Republic of Guinea-Bissau, Republic of Guinea, Russian Federation, Serbia, Somalia, South Sudan, Sudan, Syria, Ukraine, Tunisia, Venezuela, Yemen, Zimbabwe

7 Insurers response to Sanctions Example of a Foreign Insurance Policy wording: COVERAGE TERRITORY ANYWHERE IN THE WORLD but excludes: 1. The United States of America (including its territories and possessions) and Puerto Rico; 2. Any country or jurisdiction which is the subject of trade or economic sanctions imposed by the laws or regulations of the United States of America Trade or Economic Sanctions or Other Laws This insurance does not apply to the extent that trade or economic sanctions or other laws or regulations prohibit us from providing insurance, including, but not limited to, the payment of claims.

8 Insurers response to Sanctions What Information Insurers would require: Description of activities in the sanctioned territories Parties involved in the transaction Depending on the activities the respective Exposure information such as Property Values, Revenue figures, Payroll, Headcount, Travel Duration and Destination To understand what is the type and scope of the license obtained What Insurers do: If the Insured has received government approval for the transaction the Insurer conduct their own review to determine whether they are in compliance to provide cover Insurers cannot and will not provide coverage if the activity is against the law. Insurance does not provide cover for illegal activities activities against government policies

9 Insurers response to Sanctions Are you covered? If the activity is within compliance of government policy cover would be granted: On a non-admitted basis, if non-admitted insurance is permitted in the sanctioned territory or if the insurer is unable to issue a local policy On an admitted basis, through the issuance of a local policy, if the insurer has the ability to do so

10 THANK YOU Q & A

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