Regulation 17C Insurance and reinsurance servicesF1

A person (“P”) must not provide insurance or reinsurance services to a person falling within paragraph (2), if P knows or has reasonable cause to suspect that P is providing such services to a person falling with paragraph (2).

A person (“Q”) falls within this paragraph if—

Paragraph (1) is subject to Part 6 (Exceptions and licences).

A person who contravenes the prohibition in paragraph (1) commits an offence.

Nothing in this regulation prohibits compliance with an insurance or reinsurance agreement concluded before 8th September 2026, provided that the agreement concerned was not prohibited at the date on which it was made.

For the purposes of this regulation—

• “insurance and reinsurance services” include the provision of services relating to the extension or renewal of an insurance or reinsurance agreement, except where there is an obligation, which arose before 8th September 2026, of the insurer or re-insurer to accept the extension or renewal;

• “person acting at the direction of a person connected with Iran” does not include any person who is acting under a direction which is given in relation to a ship or aircraft for the purposes of docking, loading or unloading the ship or aircraft or for any purpose in connection with the safe transit of the ship or aircraft in the territorial sea adjacent to Iran or in the airspace above it.