OFAC FAQ (Current) # 1199 - Compliance for the Insurance Industry

Date issued: Nov. 13 2024

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TURBOFAC Commentary (100 words)

Notes:

1) On 11-13-24, OFAC amended FAQ # 63 to remove a statement that “[a]lthough it is unlikely that a payment would be licensed to an SDN, it is possible that a payment would be allowed to an innocent third party” in the insurance context, but “policy itself is a blocked contract and all dealings with it must involve OFAC”. This FAQ houses the longstanding guidance contained in the old version of FAQ # 63. OFAC makes clear that a payment to an innocent third-party is a “dealing” in a blocked contract when the policyholder is a blocked person.