Generali Vietnam Life Insurance Limited Liability Company (“GVL”) commits to comply with the international sanctions or embargoes regulation passed by the United Nations Security Council, the European Union and the U.S. Department of the Treasury’s Office of Foreign Assets Control as well as applicable sanctions laws in the jurisdictions in Vietnam (“IS regulation”). Under the IS Regulation, individuals and entities are prohibited from entering financial transactions (including (re)insurance) or provide financial assistance (making funds or economic resources) in relation to sanctioned individuals, entities or activities. Non-compliance with relevant regulations may result in criminal liability, fines or to both.
As such, GVL does not and will not provide insurance products, continue customer relationships, execute, facilitate transactions (provide insurance coverage or benefit) or investment transactions (and related financing including (re)insurance) engaged in any activity involving sanctioned individuals, entities, countries or territories. Currently, sanctioned countries and territories are listed below:
- Crimea region;
- North Korea;
- Syria; and
By applying for products and by continuing a relationship with GVL, you represent and warrant that at all times, you are not subject to any IS regulation and shall not use GVL’s products (regardless of currency) for the benefit of sanctioned individuals, entities, countries or territories. GVL will take necessary action, including but not limited to stop the relationship, reporting, rejecting and/or blocking transactions, etc that appears to violate IS regulation.
* The notice on sanctions is applicable as of 01 January 2020 and subjected to be changed over time