Global Insurers Targeted by U.S. Sanctions Against Iran

U.S. lawmakers are targeting global insurers as they seek to expand sanctions aimed at crippling Iran’s economy and forcing its leaders to make concessions involving the country’s disputed nuclear program.

Proposed legislation by Representative Brad Sherman, a California Democrat, and Senator Mark Kirk, an Illinois Republican, would penalize underwriters that insure or reinsure any deals with Iran prohibited under U.S. law, including oil and gas investments or insurance for companies or banks that are subject to U.S. sanctions.