STATE OF NEW YORK

EXECUTIVE CHAMBER

GEORGE E. PATAKI, GOVERNOR


Press Office
518-474-8418
212-681-4640
http://www.state.ny.us
FOR RELEASE:
IMMEDIATE, Tuesday
October 16, 2001

WTC RESPONSE UPDATE: GOVERNOR REMINDS INSURERS OF PRESIDENT’S EXECUTIVE ORDER
Block Property and Prohibit Transactions of Persons or Entities that Permit, Threaten to Commit, or Support Terrorism

            Governor George E. Pataki today announced that the State Insurance Department has issued a circular letter reminding all Department licensees that property and interests in property of those persons and entities named in President Bush’s Executive Order, effective September 24, 2001, are blocked. Also prohibited are transactions with respect to blocked interests. Insurers and licensees who identify any blocked property or interests are directed to notify federal authorities and the Department at 1-888-372-8369.

            "We will continue to do everything we can to assist President Bush and the Federal government to cut off money that funds terrorist groups and to help destroy terrorist financial infrastructures," said Governor Pataki. "We must stop this evil, and not give into the fear these terrorists are so eager to instill in the hearts of Americans."

            "All of New York’s Department licensees including insurers and agents are instructed to become familiar with their obligations under President Bush’s Executive Order and review their records for any information that may be relevant to the Order, " said Superintendent of Insurance Gregory V. Serio. "Strict adherence to the Order, and all additional updates provided by the Department of the Treasury Office of Foreign Assets Control, will also help to identify additional persons or entities that are subject to the Order as well as assist in eradicating terrorists of their funding sources."

            Department licensees can review the Executive Order and updates on the Department of the Treasury Office of Foreign Assets Control’s Web site at www.treas.gov/ofac. The Order provides that property and interests in property of those persons and entities listed that are either in the United States or come to the United States or are in the possession or control of United States persons or entities are blocked. The Order further prohibits any transactions by United States persons with respect to the blocked interests. This prohibition includes the making or receiving of any combination of funds, goods or services to or for the benefit of those persons or entities listed in the Order or otherwise determined to be subject to the Order.

            Insurers or licensees who identify any blocked property or interests therein or transactions with respect to the blocked property or interest should report such information to the appropriate federal authorities and should notify the Department at 1-888-372-8369. Circular Letter No 31 of 2001 can be found on the Department’s Web site at www.ins.state.ny.us.


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