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Regulation 37ZB Finance: exceptions relating to insurance and reinsurance servicesF1

(1)

The prohibition in regulation 17C(1) (insurance and reinsurance services) is not contravened by—

(a)

the provision of compulsory or third party insurance to an Iranian person located in the United Kingdom;

(b)

the provision of insurance for a diplomatic mission or consular post of Iran in the United Kingdom.

(2)

The prohibition in regulation 17C(1), insofar as it prohibits the provision of insurance or reinsurance services to persons acting on behalf of, or at the direction of, a person connected with Iran, is not contravened by—

(a)

the provision of insurance or reinsurance services to an individual acting on behalf of or at the direction of a person connected with Iran, provided that—

(i )

the insurance or reinsurance is for the individual's personal use, and

(ii)

the individual is not a designated person;

(b)

the provision of insurance or reinsurance services to a person (“P”) who is the owner of a ship or aircraft which is chartered, or a vehicle which is hired, by a person connected with Iran, provided that P is not a designated person.

(3)

In this regulation—

  • “consular post” has the meaning given in regulation 37D(5);

  • “designated person” means a person who is designated under regulation 5 for the purposes of regulations 12 to 17;

  • “diplomatic mission” has the meaning given in regulation 37D(5);

  • “Iranian person” means—

    1. (a)

      a national of Iran, or

    2. (b)

      a body incorporated or constituted under the law of Iran.

Annotations

Textual amendments

F1

Reg. 37ZB inserted (29.9.2026) by The Iran (Sanctions) (Amendment) Regulations 2026 (S.I. 2026/983), regs. 1(2), 9(a)