Insurance and reinsurance companies that offer products or services in Iran and/or invest in any entity in Iran should be prohibited from doing business in the U.S., and be barred from entering into reinsurance agreements with any insurance or reinsurance company located in the U.S.
UANI proposed legislation requires insurance and reinsurance companies that operate in the U.S. to represent and certify to the U.S. government that they do not offer products or services in Iran and/or invest in any Iranian entity directly or through a foreign subsidiary or affiliate. Absent such certification, companies may not enter into reinsurance or other service agreements with insurance or reinsurance companies in the U.S.
Moreover, state insurance regulatory entities should require insurers to certify they do not offer products or services in Iran or invest in an Iranian entity directly or through a foreign subsidiary or affiliate. Click here for UANI Insurance Legislation.
Insurance companies are the largest source of investment in the global economy after banks, representing an overall investment of approximately five trillion U.S. dollars. Irresponsible entities that continue to do business in or with Iran should not be the recipients of this lucrative investment. In addition, there are inherent risks associated with doing business in Iran. If companies, and the entities that insure them, are forced to assume the full and unmitigated ramifications of these risks, the appeal of doing business in Iran will disappear entirely.