Sanctions General Licence

General licence - IOM/2022/SAN001

The Treasury has the power to issue General Licences for country sanctions regimes under the Sanctions and Anti-Money Laundering Act 2018 (“the Sanctions Act”), as those Regulations have effect in the Isle of Man.

On 29 July 2022, the Treasury issued General licence - IOM/2022/SAN001 under all Autonomous Sanctions Regulations listed in Annex I of this notice. This allows only those individuals or entities designated under UK Sanctions Regimes that have effect on the Isle of Man to make payments to IOM insurers for insurance premiums and broker commissions relating to the provision of building and engineering insurance cover provided to Isle of Man or UK properties. This licence is not applicable to those also sanctioned by the United Nations. This licence also permits IOM insurers to make payments to Designated Persons due as a result of a successful claim made against an insurance policy provided by the IOM Insurer or refunds due as a result of any over payments made pursuant to this licence. A Relevant Institution can carry out any activity reasonably necessary to effect the permissions set out in this licence.

Any persons intending to use General licence - IOM/2022/SAN001 should consult the copy of the Licence for full details of the permissions and usage requirements which can be found attached to this release.

For the purposes of General Licence IOM/2022/SAN001 buildings insurance means:

• Insurance covering the cost of repairing damage to the structure of a property.

For the purposes of General Licence IOM/2022/SAN001 engineering insurance means:

• Insurance against risks associated with erection, resting and working of any machinery, plant or equipment in commercial properties.

A Relevant Institution is:

• a person who is licensed under the Financial Services Act 2008 (of Tynwald) to carry on a regulated activity within the meaning of section 3 of that Act;
• a person who is authorised or registered under the Insurance Act 2008 (of Tynwald) or holds a permit under that Act;
• a person who is registered under the Moneylenders Act 1991 (of Tynwald) to carry on the business of lending money;
• a person who is acting as a trustee or an administrator of a retirement benefits scheme within the meaning of the Retirement Benefits Schemes Act 2008 (of Tynwald)

General

The permissions in General Licence IOM/2022/SAN001 do not authorise any act which the person carrying out the act knows, or has reasonable grounds for suspecting, will result in funds or economic resources being made available in breach of the relevant UK autonomous sanctions Regulations, save as permitted under a licence granted under those Regulations.

The General Licence takes effect from the date of issue and is of indefinite duration.

Amendments

On 19 August 2022 General Licence IOM/2022/SAN001 was amended to include the following:

• Terrorism Insurance, which for the purpose of this licence means insurance covering the cost of repairing damage to the structure of a property as a result of an act of terrorism
• Property Owners’ Liability Insurance, which for the purpose of this licence means insurance covering claims made against landlords and property owners in respect of their legal liability for personal injury or property damage suffered by third parties and arising from the policyholder’s ownership of the property
• Claims Preparation Costs Insurance, which for the purpose of this licence means insurance covering the cost of appointing a professional claims handler to deal with any claims made against an insurance policy permitted under this licence

Further details of the sanctions regime related to Russia may be found on the Customs and Excise pages of the Isle of Man Government website.

Annex I – Autonomous Sanctions Regulations Schedules