{"identifier":"/us/usc/t22/s8722","title":22,"num":"\u00a7\u202f8722.","heading":"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","text":"\u00a7\u202f8722.\nImposition 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\n(a)\nIn general\nExcept as provided in subsection (b), not later than 60 days after\nAugust 10, 2012\nAugust 10, 2012\n(b)\nExceptions\n(1)\nUnderwriters and insurance providers exercising due diligence\nThe 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.\n(2)\nFood; medicine; humanitarian assistance\nThe President may not impose sanctions under subsection (a) for the provision of underwriting services or insurance or reinsurance for any activity relating solely to\u2014\n(A) the provision of agricultural commodities, food, medicine, or medical devices to Iran; or\n(B) the provision of humanitarian assistance to the people of Iran.\n(3)\nTermination period\nThe 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\nAugust 10, 2012\n(c)\nDefinitions\nIn this section:\n(1)\nAgricultural commodity\nThe term \u201cagricultural commodity\u201d has the meaning given that term in\nsection 5602 of title 7\n(2)\nMedical device\nThe term \u201cmedical device\u201d has the meaning given the term \u201cdevice\u201d in\nsection 321 of title 21\n(3)\nMedicine\nThe term \u201cmedicine\u201d has the meaning given the term \u201cdrug\u201d in\nsection 321 of title 21\n(d)\nApplication of provisions of Iran Sanctions Act of 1996\nThe 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:\n(1) Subsection (c) of section 4.\n(2) Subsections (c), (d), and (f) of section 5.\n(3) Section 8.\n(4) Section 9.\n(5) Section 11.\n(6) Section 12.\n(7) Subsection (b) of section 13.\n(8) Section 14.\n(e)\nRule of construction and implementation\nNothing in this section shall be construed to limit the authority of the President to impose sanctions pursuant to the Iran Sanctions Act of 1996 (\nPublic Law 104\u2013172\n50 U.S.C. 1701\n22 U.S.C. 8501\n50 U.S.C. 1701\nsection 8513a of this title","url":"https://projectusc.org/usc/t22/s8722.html","content":[{"t":"sec","id":"/us/usc/t22/s8722","children":[{"t":"num","text":"\u00a7\u202f8722."},{"t":"heading","text":"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"},{"t":"subsec","id":"/us/usc/t22/s8722/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"In general"},{"t":"content","children":[{"t":"p","text":"Except as provided in subsection (b), not later than 60 days after ","children":[{"t":"text","text":"August 10, 2012","tail":", 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 "},{"t":"text","text":"August 10, 2012","tail":", 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."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s8722/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Exceptions"},{"t":"para","id":"/us/usc/t22/s8722/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Underwriters and insurance providers exercising due diligence"},{"t":"content","children":[{"t":"p","text":"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.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Food; medicine; humanitarian assistance"},{"t":"chapeau","text":"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\u2014"},{"t":"subpara","id":"/us/usc/t22/s8722/b/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the provision of agricultural commodities, food, medicine, or medical devices to Iran; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t22/s8722/b/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the provision of humanitarian assistance to the people of Iran.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/b/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Termination period"},{"t":"content","children":[{"t":"p","text":"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 ","children":[{"t":"text","text":"August 10, 2012","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s8722/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Definitions"},{"t":"chapeau","text":"In this section:"},{"t":"para","id":"/us/usc/t22/s8722/c/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Agricultural commodity"},{"t":"content","children":[{"t":"p","text":"The term \u201cagricultural commodity\u201d has the meaning given that term in ","children":[{"t":"ref","text":"section 5602 of title 7","href":"/us/usc/t7/s5602","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/c/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Medical device"},{"t":"content","children":[{"t":"p","text":"The term \u201cmedical device\u201d has the meaning given the term \u201cdevice\u201d in ","children":[{"t":"ref","text":"section 321 of title 21","href":"/us/usc/t21/s321","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/c/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Medicine"},{"t":"content","children":[{"t":"p","text":"The term \u201cmedicine\u201d has the meaning given the term \u201cdrug\u201d in ","children":[{"t":"ref","text":"section 321 of title 21","href":"/us/usc/t21/s321","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s8722/d","children":[{"t":"num","text":"(d)"},{"t":"heading","text":"Application of provisions of Iran Sanctions Act of 1996"},{"t":"chapeau","text":"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:"},{"t":"para","id":"/us/usc/t22/s8722/d/1","children":[{"t":"num","text":"(1)"},{"t":"content","text":" Subsection (c) of section 4.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/d/2","children":[{"t":"num","text":"(2)"},{"t":"content","text":" Subsections (c), (d), and (f) of section 5.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/d/3","children":[{"t":"num","text":"(3)"},{"t":"content","text":" Section 8.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/d/4","children":[{"t":"num","text":"(4)"},{"t":"content","text":" Section 9.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/d/5","children":[{"t":"num","text":"(5)"},{"t":"content","text":" Section 11.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/d/6","children":[{"t":"num","text":"(6)"},{"t":"content","text":" Section 12.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/d/7","children":[{"t":"num","text":"(7)"},{"t":"content","text":" Subsection (b) of section 13.","tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t22/s8722/d/8","children":[{"t":"num","text":"(8)"},{"t":"content","text":" Section 14.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t22/s8722/e","children":[{"t":"num","text":"(e)"},{"t":"heading","text":"Rule of construction and implementation"},{"t":"content","children":[{"t":"p","text":"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 (","children":[{"t":"ref","text":"Public Law 104\u2013172","href":"/us/pl/104/172","tail":"; "},{"t":"ref","text":"50 U.S.C. 1701","href":"/us/usc/t50/s1701","tail":" note), the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ("},{"t":"ref","text":"22 U.S.C. 8501","href":"/us/usc/t22/s8501","tail":" et seq.), the International Emergency Economic Powers Act ("},{"t":"ref","text":"50 U.S.C. 1701","href":"/us/usc/t50/s1701","tail":" et seq.), "},{"t":"ref","text":"section 8513a of this title","href":"/us/usc/t22/s8513a","tail":", or any other provision of this Act."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}