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GIC Re denies refusing cover to Indian refineries processing Iranian crude

Posted On: Feb. 13, 2013 12:00 AM CST

Reinsurer General Insurance Corp. of India Ltd. denied refusing cover to any Indian refinery processing Iranian crude, reported.

Insurers were unaware of the new sanction that left them uncovered if they dealt with Iranian crude, A. K Roy, Chairman and Managing Director of GIC Re said.

Industry sources reveal that the reinsurer is considering separate covers for crude imports from Iran and rest of the world.

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