§ 8722. Imposition of sanctions with respect to provision of underwriting services or insurance or reinsurance for the National Iranian Oil Company or the National Iranian Tanker Company

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(a)In general Except as provided in subsection (b), not later than 60 days after August 10, 2012, the President shall impose 5 or more of the sanctions described in section 6(a) of the Iran Sanctions Act of 1996, as amended by section 204, with respect to a person if the President determines that the person knowingly, on or after August 10, 2012, provides underwriting services or insurance or reinsurance for the National Iranian Oil Company, the National Iranian Tanker Company, or a successor entity to either such company.

(b)Exceptions

(1)Underwriters and insurance providers exercising due diligence The President is authorized not to impose sanctions under subsection

(a)with respect to a person that provides underwriting services or insurance or reinsurance if the President determines that the person has exercised due diligence in establishing and enforcing official policies, procedures, and controls to ensure that the person does not provide underwriting services or insurance or reinsurance for the National Iranian Oil Company, the National Iranian Tanker Company, or a successor entity to either such company.

(2)Food; medicine; humanitarian assistance The President may not impose sanctions under subsection

(a)for the provision of underwriting services or insurance or reinsurance for any activity relating solely to—

(A)the provision of agricultural commodities, food, medicine, or medical devices to Iran; or

(B)the provision of humanitarian assistance to the people of Iran.

(3)Termination period The President is authorized not to impose sanctions under subsection

(a)with respect to a person if the President receives reliable assurances that the person will terminate the provision of underwriting services or insurance or reinsurance for the National Iranian Oil Company, the National Iranian Tanker Company, and any successor entity to either such company, not later than the date that is 120 days after August 10, 2012.

(c)Definitions In this section:

(1)Agricultural commodity The term “agricultural commodity” has the meaning given that term in section 5602 of title 7.

(2)Medical device The term “medical device” has the meaning given the term “device” in section 321 of title 21.

(3)Medicine The term “medicine” has the meaning given the term “drug” in section 321 of title 21.

(d)Application of provisions of Iran Sanctions Act of 1996 The following provisions of the Iran Sanctions Act of 1996, as amended by this Act, apply with respect to the imposition of sanctions under subsection

(a)to the same extent that such provisions apply with respect to the imposition of sanctions under section 5(a) of the Iran Sanctions Act of 1996:

(1)Subsection

(c)of section 4.

(2)Subsections (c), (d), and

(f)of section 5.

(3)Section 8.

(4)Section 9.

(5)Section 11.

(6)Section 12.

(7)Subsection

(b)of section 13.

(8)Section 14.

(e)Rule of construction and implementation Nothing in this section shall be construed to limit the authority of the President to impose sanctions pursuant to the Iran Sanctions Act of 1996 (Public Law 104–172; 50 U.S.C. 1701 note), the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8501 et seq.), the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), section 8513a of this title, or any other provision of this Act.

(Pub. L. 112–158, title II, § 212, Aug. 10, 2012, 126 Stat. 1229.)

Termination of Section

For termination of section, see section 8785(a) of this title.

Connections3 cite this · traces to 7

Cited by 3 sections

statutes-at-large

Public Law 112–158
To strengthen Iran sanctions laws for the purpose of compelling Iran to abandon its pursuit of nuclear weapons and other threatening activities, and for other purposes

statute-compilations

Sec. 212
IMPOSITION OF SANCTIONS WITH RESPECT TO PROVISION OF UNDERWRITING SERVICES OR INSURANCE OR REINSURANCE FOR THE NATIONAL IRANIAN OIL COMPANY OR THE NATIONAL IRANIAN TANKER COMPANY

bill

Sec. 201
Reinstatement of sanctions imposed with respect to Iran that were waived, suspended, reduced, or otherwise relieved pursuant to the Joint Comprehensive Plan of Action

Traces to 7 documents

U.S. Code

13 references not yet in our index

Public Law 104–172
Pub. L. 112–158, title II, § 212
126 Stat. 1229
Pub. L. 104–172
110 Stat. 1541
section 6(a) of Pub. L. 104–172
section 204 of Pub. L. 112–158
Pub. L. 112–158
126 Stat. 1214
Pub. L. 111–195
124 Stat. 1312
Pub. L. 95–223
91 Stat. 1626

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cites case law

§ 8722

Imposition of sanctions with respect to provision of underwriting services or insurance or reinsurance for the National Iranian Oil Company or the National Iranian Tanker Company

Bills×1

Stat. Comp.×1

Stat.×1

Pub. L.Public Law 104–172

Pub. L.Pub. L. 112–158, title II, § 212

Stat.126 Stat. 1229

Pub. L.Pub. L. 104–172

Stat.110 Stat. 1541

Cites 20 · showing 12Cited by 3 across 3 sources