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)

SupersededLength: 83 wordsOfficial source

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."
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) | Justis AI