With increasing sanctions from the international community over the last year, many changes have applied to Russia and Iran but may differ in scope and nature depending on the countries imposing them.Frédéric Denèfle, a member of IUMI’s Legal and Liability committee, commented: “There is a need for (re)insurers to not only have a sanction clause in place but also internal processes and guides to identify any business under sanctions in order to avoid it.
”In addition, IUMI is calling for clearer sanctions from governments noting that European Union and US sanctions often differ in scope and nature.
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