A BILL
To strengthen the multilateral sanctions regime with respect to insurance and reinsurance activities in Iran.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the "Iran Insurance and Reinsurance Certification and Sanctions Act of 2012."
SECTION 2. REPORTS ON, AND AUTHORIZATION OF IMPOSITION OF SANCTIONS WITH RESPECT TO, THE PROVISION OF INSURANCE AND REINSURANCE SERVICES TO IRANIAN ENTITIES.
(a) Report on the Provision of Services to Iranian Entities.—Not later than 30 days after the date of the enactment of this Act, the Comptroller General of the United States shall submit to the appropriate congressional committees a list of all known entities that—(1) Provide, directly or indirectly, insurance or reinsurance services to, enable or facilitate access to insurance or reinsurance services for, or otherwise invest or conduct business with:
(A) The Government of Iran;
(B) Any person or entity, directly or indirectly, subject to the jurisdiction of the Government of Iran, including, without limitation, foreign or domestic subsidiaries or affiliates there of; and/or
(C) Any entity conducting business, directly or indirectly, with any entity located in Iran or subject to the jurisdiction of the Government of Iran.
(b) Reports on Efforts to Terminate the Provision by Certain Entities of Insurance or Reinsurance Services to Iranian Entities.—Not later than 60 days after the date of the enactment of this Act, the Secretary of the Treasury shall submit to the appropriate congressional committees a report on the status of efforts to ensure that entities set for in subsection (a) have terminated—
(1) The provision of insurance or reinsurance services to, the enabling and facilitation of access to insurance or reinsurance services for, or investment or conduct business with:
(c) Authorization for the Imposition of Sanctions.— If, on or after the date that is 90 days after the date of the enactment of this Act, an entity has not terminated—
(2) The provision of insurance or reinsurance services to, the enabling and facilitation of access to insurance or reinsurance services for, or investment or conduct business with:
(A) The Government of Iran;
(B) Any person or entity, directly or indirectly subject to the jurisdiction of the Government of Iran, including, without limitation, foreign or domestic subsidiaries or affiliates there of; and/or
(C) Any entity conducting business, directly or indirectly, with any entity located in Iran or subject to the jurisdiction of the Government of Iran.
(1) The provision of insurance or reinsurance services to, the enabling and facilitation of access to insurance or reinsurance services for, or investment or conduct business with:
(2) The President must—
(A) The Government of Iran;
(B) Any person or entity, directly or indirectly, subject to the jurisdiction of the Government of Iran, including, without limitation, foreign or domestic subsidiaries or affiliates thereof; and/or
(C) Any entity located in Iran or subject to the jurisdiction of the Government of Iran.
(A) Prohibit such entity from conducting any business, commerce or activity in the United States or, in the case of foreign entities, prohibit conducting business, commerce or activity with United States entities or entities under the jurisdiction of the United States and prohibit the opening or maintaining in the United States of an account or payable-through account by the foreign entity. The President shall order the applicable regulatory authority of such entity to revoke any and all licenses, authorizations and permits to conduct business in the United States for such entity; or
(d) Certification by State Insurance Regulatory Authorities.—State insurance regulatory authorities must abide by the intent of this Act. Not later than 30 days after the date of the enactment of this Act, State insurance regulatory authorities must require insurance or reinsurance companies under their jurisdiction or otherwise conducting business with entities within their jurisdiction, to certify they do not
(B) Impose sanctions pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) with respect to the entity or its directors.
(1) Provide, directly or indirectly, insurance or reinsurance services to, enable or facilitate access to insurance or reinsurance services for, or otherwise invest or conduct business with:
(A) The Government of Iran;
(2) Not later than 45 days after the date of the enactment of this Act, State insurance regulatory authorities must provide to the Secretary of the Treasury and the Comptroller General of the United States a list of entities not making the certification set forth herein or in violation of the certification set forth herein, and not later than 60 days after the date of the enactment of this Act, State insurance regulatory authorities must revoke any and all licenses, authorizations and permits of such entities to conduct business in their State.
(B) Any person or entity directly or indirectly subject to the jurisdiction of the Government of Iran, including, without limitation foreign or domestic subsidiaries or affiliates thereof; and/or
(C) Any entity conducting business, directly or indirectly, with any entity located in Iran or subject to the jurisdiction of the Government of Iran.
SECTION 3. DEFINITIONS.
(1) Appropriate Congressional Committees.—The Term ‘appropriate congressional committees’ means—a. In the House of Representatives—
i. The Committee on Foreign Affairs; and
ii. The Committee on Financial Services; and
b. In the Senate—
(2) Entity.—The term ‘entity’ means a partnership, association, trust, joint venture, corporation, company, governmental, quasi-governmental or non-governmental body, or other organization.
i. The Committee on Foreign Relations; and
ii. The Committee on Banking, Housing, and Urban Affairs.
(3) Services.—The term ‘services’ includes insurance, reinsurance, communications, issuing or receiving bonds or securities, or financial (including trade and post-trade), hardware, software, or professional consulting services.
Iran Insurance and Reinsurance Certification and Sanctions Acot of 2012 PDF