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realclearworld

American insurance firm slapped on the wrist for embargo violations

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Every now and then news stories such as this one surface, usually in some obscure publication.

These well-hidden stories prove that the so-called "embargo" has more loopholes than teeth, and is routinely circumvented.  They also lead one to speculate how many violations are ever discovered and how many are actually stopped.

And... they also lead one to wonder how great a profit margin the violators enjoy, even after being fined.

Maybe doing business with Castrogonia -- even indirectly -- is a lot like owning hotels on Park Place and Boardwalk in a poorly supervised Monopoly game.

monopoly guy

From Insurance Business America:

AIG fined $279,000 after violating Cuba sanctions

American International Group is under fire from regulators again, this time for agreeing to sell coverage to clients with ties to Cuba—a violation of sanctions placed by the US government, AIG’s majority shareholder.

AIG units sold the policies to a Canadian client from 2006 through March 2009, protecting the corporation from risks in Cuba, including pollution liability, according to a Friday statement from the US Treasury Department’s Office of Foreign Assets Control.

What’s more, AIG also provided travel coverage to Canadians taking trips to Cuba from March 2006 to September 2008. The global insurer gleaned roughly $338,000 in travel premiums and more than $500,000 for commercial policies.

The report added that AIG and certain of its management “had actual knowledge of the conduct."

“The compliance programs of AIG’s two Canadian subsidiaries were inadequate,” the Foreign Assets Control report said.

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