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Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Navigators Insurance Company

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $271,815 settlement with Navigators Insurance Company (Navigators).  Navigators agreed to settle potential civil liability for 48 apparent violations of: the Foreign Assets Control Regulations, 31 C.F.R. part 500; Executive Order 13466 of June 26, 2008, “Continuing Certain Restrictions With Respect to North Korea and North Korean Nationals;” the North Korea Sanctions Regulations, 31 C.F.R. part 510; the Iranian Transactions and Sanctions Regulations, 31 C.F.R. part 560; the Sudanese Sanctions Regulations, 31 C.F.R. part 538; and the Cuban Assets Control Regulations, 31 C.F.R. part 515.  Between May 8, 2008 and April 1, 2011, Navigators and its London, U.K. branch (“Navigators U.K.”) issued global protection and indemnity insurance policies that provided coverage to North Korean-flagged vessels and covered incidents that occurred in or involved Iran, Sudan, or Cuba—some of which led to the payment of claims.  Navigators did not have a formal OFAC compliance program in place at the time it engaged in these apparent violations, and personnel within Navigators U.K. misinterpreted the applicability of OFAC sanctions regulations.

For more information on this action, please visit the following web notice.
Last Updated: 8/6/2015 10:30 AM