OFSI extends Maritime Mutual wind-down licence for insurers

LONDON, July 6, 2026 — Britain’s Office of Financial Sanctions Implementation amended and extended General Licence INT/2026/8893924, allowing the wind-down of certain Maritime Mutual insurance and reinsurance business until 11:59 p.m. on Oct. 7, 2026. The licence had previously been due to expire in early July.

The licence covers Maritime Mutual Association Ltd., known as Maritime Mutual Gibraltar, Maritime Mutual Insurance Association (NZ) Ltd. and their subsidiaries. OFSI said the licence permits activity otherwise prohibited under Regulations 11 to 15 of the Russia sanctions regime where needed to give effect to the licence’s permissions.

Under the licence, UK insurers and UK insurance brokers may receive, process or transmit funds or economic resources to or from the designated Maritime Mutual entities where they are obliged to do so under insurance or reinsurance contracts agreed in writing before Feb. 24, 2026. They may also handle payments needed to cancel, terminate or otherwise extricate themselves from those contracts. Relevant UK institutions may process payments linked to those activities.

The key change in the July 6 amendment is a new compliance obligation. Designated persons relying on the licence must now submit a report to HM Treasury within 14 days of the end of each calendar month, detailing all activities or payments carried out under the licence. Those reports must include the parties involved, the purpose of each payment, amounts paid, payment routes, the UK nexus and the payment date.

GOV.UK says the licence was first issued on Feb. 24, 2026, to allow the winding down of insurance policies written by Maritime Mutual entities and their subsidiaries before their designation. The licence was previously extended on April 9 before being amended again on July 6. Users of the licence must also keep accurate records for at least six years.