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NY financial regulator probes insurers over Iran links - WSJ

Mon, 01st Jul 2013 04:07

June 30 (Reuters) - New York's financial regulator has askedLloyd's Banking Group Plc and Swiss RE AG for details about dealings linked to Iran as part of a probeinto 20 non-U.S. reinsurance firms, the Wall Street Journalreported.

Citing a copy of the letter, the newspaper said BenjaminLawsky, superintendent of New York's Department of FinancialServices, had written to the reinsurance firms asking fordetails about their business with people or entities linked toIran after finding evidence that at least three firms insuredshipments to Iran.

Lloyd's and Swiss RE were not immediately available commentoutside regular business hours.

The United States and the European Union imposed sanctionson Iran last year that include restrictions on insuringshipments. The measures are aimed at making it hard for Iran tosell oil, and limit funds to its nuclear programme whichcountries in the West believe is being used to develop weapons.

Iran says the programme is purely for civilian purposes.

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