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The U.S. Department of the Treasury’s Office of Foreign Assets Control said it has reached settlements of $170,535 with Allianz Global Risks U.S. Insurance Co. and of $66,212 with Chubb Ltd. for violations of Cuban Assets Control Regulations, the Treasury said in a statement Wednesday.
Between Aug. 20, 2010, and Jan. 15, 2015, Allianz Global Risks Canada, part of Allianz, fronted travel insurance policies that included occasional coverage relating to Canadian residents’ travel to Cuba, according to documentation.
The Office of Foreign Assets Control determined that Allianz Global Risks US voluntarily self-disclosed the apparent violations and that these apparent violations constitute a nonegregious case, the documentation showed. The total base penalty amount for the apparent violations was $270,690.90, it said.
In a statement, Allianz said it self-reported the violation to OFAC and agreed to settle any potential violations of the Cuban Assets Control Regulations.
"Additionally, we have undertaken steps to enhance our Canadian OFAC compliance program and will continue to audit and enforce internal compliance processes," the statement said.
The $66,212 settlement with Chubb was in its role as successor legal entity of the former Ace Ltd., the Treasury said.
Between Jan. 1, 2010, and Dec. 31, 2014, Ace Europe processed at least 20,291 transactions totaling $367,847 in apparent violation of the Cuban Assets Control Regulations, documentation shows.
This transaction total included 20,218 premium payments totaling $287,292 that Ace received for Cuba-related travel insurance coverage of insureds’ travel to Cuba, as well as 73 Cuba-related claims payments paid out under these coverages totaling $80,555, the documentation showed.
The apparent violations appear to have been caused by Ace’s misunderstanding of the applicability of U.S. sanctions on Cuba with respect to this activity, the Treasury said.
The Office of Foreign Assets Control determined that Ace made a voluntary self-disclosure of the apparent violations, and that these apparent violations constitute a nonegregious case. The total base penalty amount for the apparent violations was $183,923.52.
A Chubb spokesman had no comment.
Germany-based Allianz S.E. has made an offer to Brazil-based insurer Sul America S.A. to buy its property/casualty and auto insurance units, Reuters reported. Sul America plans to focus more on health life and pension insurance if an agreement is reached to sell the units.