UK extends Maritime Mutual sanctions licence to 2027, broadens payment permissions

LONDON, October 7, 2026 — The U.K. Office of Financial Sanctions Implementation has amended General Licence INT/2026/8893924, extending its expiry to 11:59 p.m. on Oct. 6, 2027, from Oct. 7, 2026.

The licence applies to Maritime Mutual Association Limited in Gibraltar, Maritime Mutual Insurance Association (NZ) Limited and their subsidiaries. It permits specified transactions that would otherwise be prohibited under Britain’s Russia sanctions regulations.

The amended licence also expressly allows a “Relevant UK Institution” to process a qualifying overseas wind-down payment. Such payments must relate to insurance or reinsurance contracts entered into before Feb. 24, 2026, and must discharge an obligation, enable cancellation or termination, or otherwise allow a party to exit the contract.

The licence further permits designated Maritime Mutual entities, other persons and relevant U.K. institutions to undertake activity reasonably necessary to make, transmit, receive or process those qualifying overseas payments, including clearing and settlement.

Existing permissions continue to allow U.K. insurers and insurance brokers to receive, process or transmit funds and economic resources to or from the Maritime Mutual entities where required under pre-designation insurance or reinsurance contracts, including for terminating those arrangements.

Users of the licence must retain records for at least six years, while Maritime Mutual entities must report activity under the licence to HM Treasury within 14 days after the end of each calendar month.

The licence originally took effect on Feb. 24, 2026, and was previously amended in April and July before the latest Oct. 7 amendment.