22 U.S.C. § 8722 — Imposition of sanctions with respect to provision of underwriting services or insurance or reinsurance for the National Iranian Oil Company or the National Iranian Tanker Company

(a) Unless (b) applies, within 60 days after August 10, 2012, the President must impose at least five sanctions listed in section 6(a) of the Iran Sanctions Act on a person the President finds knowingly provided, on or after that date, underwriting, insurance, or reinsurance for the National Iranian Oil Company, National Iranian Tanker Company, or a successor. (b)(1) The President may not impose sanctions on an insurer or underwriter if the person exercised due diligence through official policies, procedures, and controls ensuring it did not provide those services to the named companies or successors. (2) The President may not impose sanctions for services relating solely to (A) agricultural commodities, food, medicine, or medical devices supplied to Iran, or (B) humanitarian assistance to Iran’s people. (3) The President may decline sanctions after receiving reliable assurance that the person will end those services by 120 days after August 10, 2012. (c) In this section, “agricultural commodity” has the meaning in section 5602 of title 7; “medical device” has the meaning of “device” in section 321 of title 21; and “medicine” has the meaning of “drug” in section 321 of title 21. (d) The listed provisions of the Iran Sanctions Act, as amended by this Act, apply to sanctions under (a) to the same extent as to section 5(a) sanctions: section 4(c); sections 5(c), (d), and (f); sections 8, 9, 11, and 12; section 13(b); and section 14. (e) Nothing limits presidential sanctions authority under the Iran Sanctions Act, the Comprehensive Iran Sanctions, Accountability, and Divestment Act, the International Emergency Economic Powers Act, section 8513a, or any other Act provision.