Bulletin Alerts Insurance Industry of Obligations under
President's Executive Order

Springfield, IL -- Illinois Insurance Director Nat Shapo today issued a bulletin to all Illinois insurance companies advising them to review their records and comply with an executive order signed by President Bush to freeze the assets of any person or organization named on a federal list of persons who permit, threaten to commit, or support terrorism.

"The President's order requires insurers to freeze any and all funds of the named individuals and organizations," Shapo said. "In issuing this bulletin, I want to make explicit my understanding of industry obligations and to advise them that violators may be subject to sanction by the Department of the Treasury."

President Bush issued the executive order September 24, 2001, instructing organizations to freeze U.S. assets of and block transactions with 27 individuals and organizations. This list is published on the U.S. Department of the Treasury, Office of Foreign Assets Control, website at www.treas.gov/ofac.

"In addition, insurers should regularly review the U.S. Treasury's website for updates regarding those suspected of conducting or financing terrorist activities," Shapo noted. "President Bush's order requires that the Illinois insurance industry leave no stone unturned in the quest to starve terrorists of their funding and bring them to justice."

Note: The Illinois bulletin (CB #2001-7) is available on the Department of Insurance website at http://www.ins.state.il.us/cb/cblist01.htm