§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

Summary

The President must impose at least 5 of the sanctions listed in section 6(a) of the Iran Sanctions Act of 1996 on any person who knowingly, on or after the date that is 180 days after January 2, 2013, provides underwriting or insurance or reinsurance for certain Iran-related activities or people. Covered cases include insurance for activities already under U.S. Iran sanctions (under various laws), for work in Iran’s energy, shipping, or shipbuilding sectors, for sale or transfer of items listed in section 8804(d), for people designated for proliferation or terrorism, or for Iranian persons on the Treasury Department’s SDN list (but not certain Iranian banks that have not been designated for proliferation, terrorism, or human rights abuses). Sanctions tied to the importation of goods under specific parts of section 6(a) are excluded and do not count toward the five. The President may not apply these sanctions for underwriting or insurance for sales of agricultural products, food, medicine, or medical devices to Iran, or for humanitarian aid. The President also must not impose these sanctions if a provider shows it has used proper due diligence and has official policies and controls to avoid underwriting or contracting for the banned activities or people. The President may waive the sanctions for up to 180 days and renew for more 180-day periods if the waiver is vital to U.S. national security, but must send an unclassified report with the justification to the appropriate congressional committees (a classified annex is allowed).