OFSI issues new General Licence
OFSI has issued General Licence INT/2022/2009156 – Payment to UK Insurance Companies for Building and Engineering Insurance.
Under the General Licence, individuals or entities designated under the UK Sanctions Regimes are permitted to make payments to UK insurers for insurance premiums and broker commissions relating to the provision of building and engineering insurance cover provided to UK properties.
The licence also permits UK insurers to make payments to UK Designated Persons due as a result of a successful claim made against an insurance policy provided by the UK Insurer or refunds due as a result of any over payments made pursuant to this licence.
The General Licence is applicable across multiple regimes. These are detailed in Annex 1.
This licence takes effect from 22nd July 2022.