OFSI grants general licence for payment to UK insurers for building and engineering cover

The Office of Financial Sanctions Implementation (OFSI) has issued a new general licence under which 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.  Members may access General licence – INT/2022/2009156 here. 

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 sanctions regimes which are detailed in Annex 1 of the document.  The licence takes effect from 22nd July 2022.

BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk quoting their membership number.

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