On Oct. 7, 2026, UK OFSI issued notice extending GL INT/2026/8893924 by 12 months from Oct. 7, 2026 to Oct. 6, 2027, at 23:59; collection of licences updated.
Licence amended to introduce definition of Qualifying Overseas Wind-down Payment.
I.e., payment connected to contract other than one agreed with UK Insurer or UK Insurance Broker, where payment discharges an obligation under, enables cancellation or termination of, or otherwise enables a person to extricate itself from a written insurance or reinsurance contract entered into before Feb. 24, 2026.
Permissions added comprise 4.5, Relevant UK Institution may process a Qualifying Overseas Wind-down Payment; 4.6, DP(s), Person and/or Relevant UK Institution may carry out activity reasonably necessary to give effect to paragraph 4.5.
Provided activity is limited to making, transmitting, receiving, processing Qualifying Wind-down Payment.
As well as permission 4.7, for the avoidance of doubt, the processing of payments under paragraphs 4.4 to 4.6 includes clearing and settlement of payments.
On Feb. 24, UK OFSI issued wind down licence for insurance firm.
UK OFSI issued GL INT/2026/8893924 and publication notice under reg 64 of Russia (Sanctions) (EU Exit) Regulations 2019, allowing for winding down of insurance policies written by Maritime Mutual entities and their subsidiaries before designation.
Key Points
Designated person (DP) means any individual or a body of persons (corporate or unincorporate) designated under regulation 5 of the Russia Regulations and/or any individual or body of persons owned or controlled directly or indirectly by that designated person within the meaning of regulation 7 of the Russia Regulations.
A UK insurer and/or a UK insurance broker may receive, process and/or transmit funds or economic resources to or from the DP or DPs, where they are obligated to do so under insurance or reinsurance contracts agreed in writing prior to Feb. 24, 2026.
UK insurer and/or UK insurance broker may receive, process and/or transmit funds or economic resources to or from the DP(s) in order to cancel and/or terminate and/or extricate themselves from any (re)insurance contracts agreed prior to Feb. 24, 2026.
Effectiveness
General licence takes effect from Feb. 24, 2026 and expires at 23:59 on Apr. 9, 2026.
Licence took effect from Feb. 24, 2026 and now expires at 23:59 on Jul. 8, 2026.
License added to collection of OFSI General Licences.
May 2026, GUE GFSC Issued General Licence
On May 5, 2026, GUE GFSC issued General Licence GY/RUSSIA/2026/GL2 to permit activities in Guernsey under the same terms, conditions and expiry dates as set out in the UK General Licence INT/2026/8893924, and taking effect from May 5, 2026.
Jul. 2026 License Extended and Amended
On Jul. 6, 2026, UK OFSI issued notice extending GL INT/2026/8893924 from Jul. 08, 2026 to Oct. 7, 2026; amending it to introduce a monthly reporting requirement.
Designated Persons relying on the licence are now required to provide UK Treasury, within 14 days of the end of each calendar month, with a report setting out details of all activities and/or payments carried out under the licence during that month.
Details of what report(s) must include listed within General Licence and Publication Notice; list with OFSI General Licences has been updated accordingly.
Oct. 2026 License Amended and Extended
On Oct. 7, 2026, UK OFSI issued notice extending GL INT/2026/8893924 by 12 months from Oct. 7, 2026 to Oct. 6, 2027, at 23:59; collection of licences updated.
Licence amended to introduce definition of Qualifying Overseas Wind-down Payment.
I.e., payment connected to contract other than one agreed with UK Insurer or UK Insurance Broker, where payment discharges an obligation under, enables cancellation or termination of, or otherwise enables a person to extricate itself from a written insurance or reinsurance contract entered into before Feb. 24, 2026.
Permissions added comprise 4.5, Relevant UK Institution may process a Qualifying Overseas Wind-down Payment; 4.6, DP(s), Person and/or Relevant UK Institution may carry out activity reasonably necessary to give effect to paragraph 4.5.
Provided activity is limited to making, transmitting, receiving, processing Qualifying Wind-down Payment.
As well as permission 4.7, for the avoidance of doubt, the processing of payments under paragraphs 4.4 to 4.6 includes clearing and settlement of payments.
