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Monday, October 24, 2016

Lloyd's of London: Agents Can Offer Iran Insurance for Oil Transport

January 18, 2016

The Lloyd's of London insurance market said on Tuesday that from a European Union perspective its managing agents can now provide insurance and reinsurance for the transportation of Iranian oil and petroleum products, following the lifting of sanctions.
However it added that some restrictions on U.S. trade remain in place.
"The U.S. has also lifted sanctions on Iran regarding the oil and shipping sectors, although principally this relief targets non-U.S. persons conducting business with Iran," Sean McGovern, Lloyd's chief risk officer, said in a market bulletin.
"With a few exceptions, the general U.S. trade embargo on Iran remains in place and U.S. persons remain prohibited from conducting most business with Iran."
(Reporting by Carolyn Cohn; editing by Rachel Armstrong)

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