OFSI amends general licence to widen scope of permitted payments to UK insurers for building and engineering cover

The Office of Financial Sanctions Implementation (OFSI) has amended one of its General Licences to allow UK designated persons to make certain permitted payments to UK insurers from a frozen bank account and allow UK insurers to receive these payments. General Licence INT 2022/2009156 has been amended to include within permitted payments:

Terrorism Insurance – which for the purposes of this licence means insurance covering the cost of repairing damage to the structure of a property resulting from an act of terrorism.
Property Owners’ Liability Insurance – which for the purpose of this licence means insurance covering claims made against landlords and property owners in respect of their legal liability for personal injury or property damage suffered by third parties and arising from the policyholder’s ownership of the property.
Claims Preparation Insurance – which for the purpose of this licence means insurance covering the cost of appointing a professional claims handler to deal with any claims made against an insurance policy permitted under this licence.

This licence took effect on 22 July 2022 and is of indefinite duration.   The licence applies to all UK autonomous sanctions regimes.

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

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