NY regulators query 20 reinsurers about Iran ties

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Associated Press

Posted on July 24, 2013 at 1:00 PM

Updated Wednesday, Jul 24 at 1:03 PM

ALBANY, N.Y. (AP) — New York's financial regulators have asked 20 more reinsurance companies for information about business with Iran in violation of U.S. sanctions, including measures they've taken to ensure they don't underwrite prohibited shipping.

The Department of Financial Services, which sent a similar letter to 20 other non-U.S. companies a month ago, notes that tougher U.S. economic sanctions took effect July 1. The law bans financial firms doing business in the U.S. from providing services to companies that trade with Iran.

The department regulates insurers it licenses that do business in New York.

The letter sent Wednesday says the department recently learned that "several companies" have insured trades made with Iran, which may not have violated previous prohibitions but could be violations now.

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