31 CFR § 515.580 - Global insurance policies covering individuals traveling to Cuba.

Date issued: Jan. 16 2015

TURBOFAC Commentary (193 words)

Notes:

1) While this activity is permitted with respect to all currently active embargo programs, it is explicitly licensed only in the CACR because the provision of such insurance is considered exempt as ordinarily incident to travel for other programs.

2) See comment to JCPOA Implementation FAQ D.7.:

"Can U.S. insurers provide travel insurance to individuals traveling to Iran?

Yes, travel insurance continues to be exempt from regulation by OFAC as ordinarily incident to travel. Please see FAQ 104. [01-16-2016]"

3) See FAQ # 774, FAQ # 775 and FAQ # 776 and comments thereto, for further discussion of this GL.

4) See General Note on the Provision of Services Related to Travel by non-U.S. Persons to Cuba (System Ed. Note). That note discusses the uncertain relationship between this provision and 515.421, which can be read as authorizing travel-related insurance transactions beyond that which is explicitly authorized here.

This authorization operates independent of 515.560, the Cuba travel GLs, and the provision in TSRA stating that no travel-related transactions are permitted in connection with "tourist activities." Insurance claims made in connection with this GL may result from Cuba travel for tourist purposes.