Debevoise & Plimpton

New York insurers’ investments in firms engaged in Iranian energy sector activities treated as ‘nonadmitted’

On 13 November 2013, New York enacted Chapter 481 of the Laws of 2013, which adds a new section 1415 to the New York Insurance Law effective 11 February 2014. The new law treats as nonadmitted assets any investments made by domestic and foreign licensed insurers in designated persons engaged in energy sector investment activities in Iran.

The new law continues New York’s intense focus on Iran and ensures that New York insurers and other regulated companies do not engage in activities that relate to or involve Iran. The New York Department of Financial Services, for example, has recently made inquiries to certain insurers and reinsurers regarding their compliance with the federal Iran Freedom and Counter-Proliferation Act of 2012, which took effect on 1 July 2013.

The new law follows on the heels of the Iran Divestment Act of 2012, which aims to divest New York’s public pension funds from companies doing business with the Iranian energy sector. The Iran Divestment Act, which became effective on 12 April 2012, imposes limits on ‘persons’ that are determined to be engaged in investment activities in the Iranian energy sector…

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