{"id":210599,"date":"2019-12-10T19:05:11","date_gmt":"2019-12-11T00:05:11","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=210599"},"modified":"2019-12-10T19:05:11","modified_gmt":"2019-12-11T00:05:11","slug":"u-s-fines-insurance-companies-for-violating-cuba-embargo","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba-usa\/u-s-fines-insurance-companies-for-violating-cuba-embargo\/","title":{"rendered":"U.S. fines insurance companies for violating Cuba embargo"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Two insurance companies fined by the U.S. government agreed to pay tens of thousands of dollars for allegedly violating the embargo\/blockade on Cuba, <em>Prensa Latina (PL)<\/em> news agency <\/span><a href=\"https:\/\/www.prensa-latina.cu\/index.php?o=rn&amp;id=327040&amp;SEO=multan-en-ee.uu.-a-companias-de-seguros-por-bloqueo-a-cuba\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Treasury Department said in a press release that its Office of Foreign Assets Control (OFAC) reached separate agreements with the Allianz Global Risks U.S. Insurance Company and the Swiss Chubb Limited \u201cto liquidate their possible civil liability\u201d for \u201capparent violations\u201d of the Cuban Assets Control Regulation (CACR).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first company, a Chicago-based property damage insurer, and a wholly owned subsidiary of Germany&#8217;s Allianz SE, will pay $170,535 for \u201c6,474 apparent violations.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the U.S. government, AGR US operates AGR Canada as a branch in Toronto, which would have managed travel insurance policies from August 2010 to January 2015, including occasional coverage related to visits by Canadians to Cuba, <em>PL<\/em> points out.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"Z3pVSSyJmJ\"><p><a href=\"https:\/\/oncubanews.com\/en\/cuba\/cuba-and-eu-address-in-havana-escalation-of-u-s-embargo\/\">Cuba and EU address in Havana escalation of U.S. embargo<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Cuba and EU address in Havana escalation of U.S. embargo&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/cuba\/cuba-and-eu-address-in-havana-escalation-of-u-s-embargo\/embed\/#?secret=cVifCVwyPW#?secret=Z3pVSSyJmJ\" data-secret=\"Z3pVSSyJmJ\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Chubb Limited, the legal entity successor of the former ACE Limited, a Swiss firm that provided insurance and reinsurance services for commercial and individual clients, will have to pay $66,212 for \u201c20,291 apparent violations of the CACR.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This company, based in the United Kingdom, would have processed at least 20,291 transactions for a total of $367,847 in alleged violations of that regulation from January 2010 to December 2014, the Treasury Department said.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe apparent violations appear to have been caused by ACE&#8217;s misunderstanding about the applicability of U.S. sanctions against Cuba with respect to this activity,\u201d says the official press release.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this way, both companies join other international institutions fined during 2019\u2015among them the British Standard Chartered Bank, Expedia Group and General Electric\u2015for violations of Washington\u2019s over six-decade-old <\/span><a href=\"https:\/\/oncubanews.com\/tag\/embargo\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">embargo on the island<\/span><\/a><span style=\"font-weight: 400;\">, despite most of the international community\u2019s opposition.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two insurance companies fined by the U.S. government agreed to pay tens of thousands of dollars for allegedly violating the embargo\/blockade on Cuba, Prensa Latina (PL) news agency reported. The Treasury Department said in a press release that its Office of Foreign Assets Control (OFAC) reached separate agreements with the Allianz Global Risks U.S. Insurance [&hellip;]<\/p>\n","protected":false},"author":3134,"featured_media":210600,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13944],"tags":[14891,27090,20333],"ppma_author":[33546,8689],"class_list":["post-210599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cuba-usa","tag-cuba-usa-relations","tag-u-s-embargo","tag-u-s-sanctions-against-cuba"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>U.S. fines insurance companies for violating Cuba embargo | OnCubaNews English<\/title>\n<meta name=\"description\" content=\"The Treasury Department said in a press release that 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