In general
Except as provided in subsection (b), not later than 60 days after , 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 , 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.
Exceptions
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.
Food; medicine; humanitarian assistance
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 .
Definitions
Agricultural commodity
section 5602 of title 7The term “agricultural commodity” has the meaning given that term in .
Medical device
section 321 of title 21The term “medical device” has the meaning given the term “device” in .
Medicine
section 321 of title 21The term “medicine” has the meaning given the term “drug” in .
Application of provisions of Iran Sanctions Act of 1996
Rule of construction and implementation
Public Law 104–17250 U.S.C. 170122 U.S.C. 850150 U.S.C. 1701section 8513a of this titleNothing in this section shall be construed to limit the authority of the President to impose sanctions pursuant to the Iran Sanctions Act of 1996 (; note), the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( et seq.), the International Emergency Economic Powers Act ( et seq.), , or any other provision of this Act.
Pub. L. 112–158, title II, § 212126 Stat. 1229(, , .)
Termination of Section
section 8785(a) of this titleFor termination of section, see .
Editorial Notes
References in Text
Pub. L. 104–172110 Stat. 1541section 1701 of Title 50section 6(a) of Pub. L. 104–172section 204 of Pub. L. 112–158The Iran Sanctions Act of 1996, referred to in subsecs. (a), (d), and (e), is , , , which is set out as a note under , War and National Defense. Section 6(a) of the Act, as amended by section 204, is , as amended by .
Pub. L. 112–158126 Stat. 1214section 8701 of this titleThis Act, referred to in subsecs. (d) and (e), is , , , known as the Iran Threat Reduction and Syria Human Rights Act of 2012, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
Pub. L. 111–195124 Stat. 1312section 8501 of this titleThe Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, referred to in subsec. (e), is , , , which is classified principally to chapter 92 (§ 8501 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
Pub. L. 95–22391 Stat. 1626section 1701 of Title 50The International Emergency Economic Powers Act, referred to in subsec. (e), is title II of , , , which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under and Tables.