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U.S. enforces blockade imposing fine
on insurance company
The
American International Group, Inc. (AIG) was fined
by the U.S. Treasury’s Office of Foreign Assets
Control (OFAC), for selling insurance policies to
clients who had commercial ties with Cuba.
The
insurance company paid a fine of 279,038 dollars
after admitting that it had violated laws which
prohibit doing business with Cuba, according to a
communiqué released by OFAC.
AIG
sold policies to a Canadian commercial client from
2006, through March of 2009 and travel insurance to
Canadian citizens vacationing in Cuba, from March,
2006, through September of 2008. Premiums collected
totaled $338,000 for travel insurance, and $500,000
for the commercial policy.
OFAC
commented on the company’s cooperation with the
investigation, stating that the violation was
considered “non-egregious.”
AIG
is a Fortune 500 company, with affiliates in 130
countries. It was bailed-out by U.S. taxpayers
during the financial crisis of 2008 and repaid its
debt to the government in 2012.
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