The following Insurance & Reinsurance practice note Produced in partnership with Dil-veer Kang of CMS, Charlotte Thompson of RPC and Marcus Bonnell and updated by Daniel Martin of HFW provides comprehensive and up to date legal information covering:
Insurers must negotiate a patchwork system of financial and trade sanctions. In the UK, the primary responsibility for administering the financial sanctions framework is taken by HM Treasury, acting through the Office of Financial Sanctions Implementation (OFSI). The Department for International Trade's Export Control Joint Unit administers trade sanctions.
The trade and financial sanctions regime incorporates decisions of the United Nations Security Council in addition to restrictions imposed by the EU. The sanctions are implemented in the UK either by a UK statutory instrument (SI) and/or an EC Regulation (the latter of which was directly applicable in the UK until onshored into UK law on IP completion day). There are also a limited number of UK originated financial restrictions which are equivalent in effect to financial sanctions, such as those imposed under the Terrorist Asset-Freezing etc Act 2010 and the Anti-terrorism, Crime and Security Act 2001.
During the implementation period, EU sanctions will continue to apply in the UK and UN sanctions will continue to be implemented through EU law.
As of IP completion day the UK is responsible for administering its own sanctions policy. Initially EU sanctions have been retained in UK domestic law by the operation of section 3(1) of the European Union (Withdrawal) Act 2018. However, the UK has adopted its own sanctions framework through the Sanctions
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