Gen Re settles Iran penalty
The U.S. Treasury Department said General Reinsurance Corp., based in Stamford, Conn., has paid $59,130 to settle liability for apparent violations of Iranian Transactions Regulations.
Treasury’s Office of Foreign Assets Control (OFAC) said the apparent violations consist of two reinsurance claim payments of $309,740.65 to the protection and indemnity club Steamship Mutual Underwriting Association Ltd. for losses arising from vessel operations of the National Iranian Tanker Co.
The base penalty for the apparent violations was $131,424. Gen Re voluntarily disclosed the matter to OFAC, and Treasury said “the transactions do not constitute an egregious case.”
It said the settlement amount resulted from the fact that claims personnel took actions that were contrary to Gen Re sanctions compliance policies and procedures and that Gen Re subsequently installed enhanced sanctions compliance software and implemented training programs for personnel who have a high probability of encountering sanctioned transactions. It said the company cooperated with OFAC, promptly responded to requests for information, and had not previously been the subject of OFAC penalties or other OFAC administrative actions.
Gen Re settles Iran penalty
