ANTI-TERRORISM (FINANCIAL RESTRICTIONS IRAN) GENERAL LICENCE RESPECTING CONTRACTS OF INSURANCE

BR 4/2010

ANTI-TERRORISM (FINANCIAL AND OTHER MEASURES) ACT

2004 : 31

ANTI-TERRORISM (FINANCIAL RESTRICTIONS IRAN) GENERAL LICENCE RESPECTING CONTRACTS OF INSURANCE The Minister of Justice, in exercise of the powers conferred by section 12K(4) of the Anti-Terrorism (Financial and other Measures) Act 2004, grants the following licence:

Short title

1 This licence may be cited as the Anti-Terrorism (Financial Restrictions Iran) General Licence Respecting Contracts of Insurance.

Interpretation

2 In this licence “designated person” has the same meaning as in the Anti-Terrorism (Financial Restrictions Iran) Order 2010.

Purpose of licence

3 This licence exempts specified acts from the requirements contained in the Anti-Terrorism (Financial Restrictions Iran) Order 2010 (“the Order”).

4. Existing contracts of insurance

(1) Subject to subparagraph (2), an insurer may continue to provide insurance cover under an existing contract with a designated person for a period of 7 days from the date on which the Order came into force.

ANTI-TERRORISM (FINANCIAL RESTRICTIONS IRAN) GENERAL LICENCE RESPECTING CONTRACTS OF INSURANCE

(2) The insurer shall, within 3 days from the date on which the Order came into force, notify the the Minister that it is continuing to provide insurance cover in accordance with this paragraph and provide the Minister with full details of the existing contract of insurance.

Commencement and effect of licence

5 This licence takes effect on 15 January 2010 and continues in effect until the expiry or revocation (if earlier) of the Order, unless varied or revoked by the Minister.

Made this 15th day of January, 2010

Attorney-General and Minister of Justice