NY Expands Investigation Of Reinsurers Over Iran Sanctions

Law360, New York (July 24, 2013, 5:51 PM EDT) -- A New York regulator on Wednesday widened a probe into foreign reinsurers' preparations for a new U.S. law imposing sanctions on Iran, just days after the department received data from the first group of reinsurers that were targeted.

The New York Department of Financial Services has asked 20 more non-U.S. based reinsurers that write business in the state to outline their plans for complying with the Iran Freedom and Counter-Proliferation Act of 2012, which imposed sanctions on insurance services on July 1.

The reinsurers have until...
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