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Understanding the political direction of travel at a country level is increasingly significant for businesses operating across international borders. This report demonstrates how salient macro-political issues are among grassroots communities, providing businesses and their insurers with a clear understanding of emerging risk to enable long-term sustainable operations.
Today, any operations within the shipping and trade industry, and in consequence, the insurance industry which supports it, must include knowledge of and ensuring compliance with international sanctions. Failure to do so can result in serious fines and possibly penal sanctions.
At the beginning of February, Singapore became the latest Asian jurisdiction to introduce mandatory data breach notification rules. The new rules were enacted as amendments to Singapore’s Personal Data Protection Act 2012 (“PDPA”), which has been in effect for more than six years.
2020 began with a continuation of some positive changes within the marine industry. Automation was gathering even more impetus. The IMO’s long-awaited sulphur regulations came into effect on 1 January 2020, the implementation of which passed with fewer problems than had been feared. Then COVID-19 came along and changed everyone’s lives.
On Monday, 9 December, the US imposed sanctions imposed on Ventspils Freeport Authority - a by-product of sanctions imposed on the primary target Aivars Lembergs, a Latvian oligarch and mayor of Ventspils. Lembergs is said by the US authorities to own or control the VFA (and three other Latvian entities that also had sanctions imposed on them).
Bunker suppliers take note – OFAC publishes updated FAQs regarding the application of Iranian sanctions to the bunker industry
On November 5, 2019 the Office of Foreign Asset Control (OFAC) issued new Frequently Asked Questions (FAQs) clarifying the impact of US sanctions imposed against Iran on the bunkering industry.
Since 2010, the Environment Agency (EA) has had the ability to impose ‘civil sanctions’ in lieu of criminal prosecution for certain environmental offences.
In a global insurance environment facing change at an unprecedented rate, the London Market’s experience and expertise remains reassuringly consistent. As 2019 promises to continue down this evolutionary path, we offer our predictions on some of the London Market’s priority areas.
Case review 2018-10-31
On 12 October 2018 the Commercial Court handed down judgment in the Mamancochet Mining case.
Case review 2018-10-17
On 12 October 2018, judgment was handed down in the High Court in a case concerning whether insurers under a marine policy could rely on a sanctions clause to avoid payment of a first party claim.