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.

Representative Brad Sherman, a California Democrat, introduced legislation yesterday to 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. Senator Mark Kirk, an Illinois Republican, intends to introduce a similar measure in the Senate, according to his staff.