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Violation Tracker Individual Record

Company: Privilege Underwriters Reciprocal Exchange
Current Parent Company: Tokio Marine
Penalty: $466,200
Year: 2023
Date: December 21, 2023
Offense Group: financial offenses
Primary Offense: economic sanction violation
Violation Description: Privilege Underwriters Reciprocal Exchange (PURE), an insurance organization based in White Plains, New York, that primarily offers insurance policies and coverages for luxury homes, automobiles, art collections, jewelry, and watercraft, agreed to pay $466,200 to settle its potential civil liability for 39 apparent violations of OFAC's Ukraine-Russia-Related sanctions. Between May 2018 and July 2020, PURE engaged in transactions related to four insurance policies involving a blocked Panama-based company owned by Specially Designated National Viktor Vekselberg. The settlement amount reflected OFAC's determination that PURE's apparent violations were not voluntarily self-disclosed and were non-egregious.
Level of Government: federal
Action Type: agency action
Agency: Office of Foreign Assets Control
Civil or Criminal Case: civil
HQ Country of Current Parent: Japan
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.