22 USC 8805 - Imposition of sanctions with respect to the provision of underwriting services or insurance or reinsurance for activities or persons with respect to which sanctions have been imposed

U.S Code last checked for updates: May 17, 2024

§ 8805.

Imposition of sanctions with respect to the provision of underwriting services or insurance or reinsurance for activities or persons with respect to which sanctions have been imposed

(a)

Imposition of sanctions

(1)

In general

Except as provided in this section, the President shall impose 5 or more of the sanctions described in section 6(a) of the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note) with respect to a person if the President determines that the person knowingly, on or after the date that is 180 days after January 2, 2013, provides underwriting services or insurance or reinsurance—

(A)

for any activity with respect to Iran for which sanctions have been imposed under this chapter, the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the Iran Sanctions Act of 1996, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8501 et seq.), the Iran Threat Reduction and Syria Human Rights Act of 2012 (22 U.S.C. 8701 et seq.), the Iran, North Korea, and Syria Nonproliferation Act (Public Law 106–178; 50 U.S.C. 1701 note), or any other provision of law relating to the imposition of sanctions with respect to Iran;

(B)

to or for any person—

(i)

with respect to, or for the benefit of any activity in the energy, shipping, or shipbuilding sectors of Iran for which sanctions are imposed under this chapter;

(ii)

for the sale, supply, or transfer to or from Iran of materials described in section 8804(d) of this title for which sanctions are imposed under this chapter; or

(iii)

designated for the imposition of sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) in connection with—

(I)

Iran’s proliferation of weapons of mass destruction or delivery systems for weapons of mass destruction; or

(II)

Iran’s support for international terrorism; or

(C)

to or for any Iranian person included on the list of specially designated nationals and blocked persons maintained by the Office of Foreign Assets Control of the Department of the Treasury (other than an Iranian financial institution described in subsection (b)).

(2)

Exception

(b)

Iranian financial institutions described

An Iranian financial institution described in this subsection is an Iranian financial institution that has not been designated for the imposition of sanctions in connection with—

(1)

Iran’s proliferation of weapons of mass destruction or delivery systems for weapons of mass destruction;

(2)

Iran’s support for international terrorism; or

(3)

Iran’s abuses of human rights.

(c)

Humanitarian exception

(d)

Exception for underwriters and insurance providers exercising due diligence

(e)

Waiver

(1)

In general

The President may waive the imposition of sanctions under subsection (a) for a period of not more than 180 days, and may renew that waiver for additional periods of not more than 180 days, if the President—

(A)

determines that such a waiver is vital to the national security of the United States; and

(B)

submits to the appropriate congressional committees a report providing a justification for the waiver.

(2)

Form of report

(Pub. L. 112–239, div. A, title XII, § 1246, Jan. 2, 2013, 126 Stat. 2011.)

cite as: 22 USC 8805