UK Releases General License for Engineering and Building Insurance Payments
The U.K. released a General License July 22 covering payments to British insurance companies for building and engineering insurance. Under the license, individuals and entities listed solely by the U.K. and not the U.N. may make permitted payments for an…
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indefinite duration to U.K. insurers from a frozen U.K. bank account. The license further allows U.K. insurers to receive these payments. U.K. insurers can also make return payments to frozen bank accounts for the payment of funds due from a claim made relating to the permitted payments or due to overpayment, and the designated parties can receive return payments in the frozen account.