OFSI amends general license enabling payments to UK insurance companies

The UK Office of Financial Sanctions Implementation recently amended General License INT/2022/2009156 which was issued under multiple UK Autonomous Sanctions Regulations. The general license was originally issued on July 22, 2022 to enable Designated Persons (DPs) to make Permitted Payments to UK Insurers from frozen UK bank accounts and authorized UK Insurers to make Return Payments (payments due as the result of permitted claim or resulting from overpayment) to frozen UK bank accounts. It also authorizes Relevant Institutions to process these payments. On August 17, 2022, OFSI amended this license to expand these payment authorizations to terrorism insurance, property owners’ liability insurance, and claims preparation costs insurance.  

DPs who utilize General License INT/2022/2009156 are still required to report the transaction details - including the name of the UK insurer, the amount transferred, payment route used and transfer date - to HM Treasury within 14 days, while UK insurers must report the transfer dates, amounts transferred and payment routes used to HM Treasury within 14 days of making a return payment.  UK Insurers and DPs are also required to keep accurate records of transactions made under this general license for a minimum of 6 years.

General License INT/2022/2009156 | General License - INT/2022/2009156 - Publication Notice

 
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