As Iran Sanctions Escalate, NY Kicks Off Insurance Probe

Law360, New York (July 1, 2013, 4:40 PM EDT) -- A New York regulator is investigating reinsurers' preparedness for a new U.S. law that harshly punishes insurers of sanctioned businesses dealing with Iran, after learning recently that several European carriers issued policies that would likely run afoul of the rules, according to a letter Law360 obtained Monday.

The New York Department of Financial Services sent the letter to reinsurers on June 25, asking them to quickly turn over information on the policies they have in place to comply with the Iran Freedom and Counter-Proliferation Act of...
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