Jeff Etherington, a partner in Edwards Wildman's
Insurance and Reinsurance Department, commented on how reinsurers need to revisit their internal compliance procedures due to new US sanctions aimed at companies doing business with Iran in Business Insurance. In the article, "New Iran Sanctions Pressure Reinsurers on Compliance
," Etherington said, "It's a good time to bring in your underwriters and refresh their training about sanctions. You may also want to put in place procedures that kick transactions that involve Iran or Iranian nationals over to somebody in compliance for additional review.” According to Etherington, documentation is key for reinsurers. "Having a policy is not enough. You have to establish that it has been implemented and complied with," added Etherington.