Navigators insurance company settles sanctions violations with OFAC

Navigators Insurance Company (NIC) has paid $271,815 to OFAC in settlement of its potential civil liability for 48 apparent violations of several US sanctions regimes. The violations occurred between 8 May 2008 and 1 April 2011, whereby NIC and its London branch issued global protection and indemnity insurance policies that covered North Korean-flagged vessels and incidents occurring in or involving...