OFAC FAQ 69
In my letter to the policyholder whose policy is "blocked," may I also instruct the policyholder not to send any more premium or that we will not accept additional premium under this account? (version of 2023-03-22)
Cite as OFAC FAQ 69 (version of 2023-03-22)
Question: In my letter to the policyholder whose policy is "blocked," may I also instruct the policyholder not to send any more premium or that we will not accept additional premium under this account?
Answer: The insurer may instruct the policyholder as follows: "If you send any more premium, we are required under applicable U.S. laws and regulations to place such funds in a blocked account. If you have any questions, please
contact
the U.S. Department of Treasury’s Office of Foreign Assets Control."