Settlements between the U.S. Department of the Treasury’s Office of Foreign Assets Control and Allianz Global Risks U.S. Insurance Company, and, separately, Chubb Limited
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC)
today announced a $170,535 settlement with Allianz Global Risks U.S. Insurance Company (“AGR US”).
AGR US
is a Chicago-based property casualty insurer and a wholly owned subsidiary of Allianz SE, a German financial services provider organized under the laws of the European Union and Germany.
AGR US operates AGR Canada as a Canadian branch office in Toronto, Canada.
AGR US
has agreed to remit $170,535 to settle its potential civil liability for 6,474 apparent violations of the Cuban Assets Control Regulations (“CACR”), 31 C.F.R. Part 515.
OFAC
has determined that AGR US voluntarily self-disclosed the apparent violations, and that these apparent violations constitute a non-egregious case.
For more information, please visit the following web notice.
Separately, OFAC
today also announced a $66,212 settlement with Chubb Limited, as successor legal entity of the former ACE Limited (“ACE”).
ACE
was a Swiss company that provided insurance and reinsurance services for commercial and individual customers worldwide.
In January 2016, ACE merged with Chubb Corporation to create Chubb Limited (“Chubb”), which is a Swiss holding company headquartered in Switzerland.
Prior to the merger, ACE Group Holdings, Inc. was a subsidiary of ACE, and an insurance holding company incorporated in the United States.
Through a series of intermediate corporate entities, ACE Europe was a subsidiary of ACE Group Holdings, Inc.
ACE Europe was domiciled in the United Kingdom and conducted business in Europe.
As a subsidiary of a U.S. company, ACE Europe was subject to the Cuban Assets Control Regulations, 31 C.F.R. Part 515 (CACR).
Chubb
has agreed to remit $66,212 to settle its potential civil liability for 20,291 apparent violations of the CACR.
OFAC
has determined that ACE made a voluntary self-disclosure of the apparent violations, and that these apparent violations constitute a non-egregious case.
https://www.treasury.gov/resource-center/sanctions/OFAC-Enforcement/Pages/20191209_33.aspx