Sanctions Policy Statement

Maritime Mutual Insurance Association (NZ) Ltd (MMIA) is firmly committed to maintaining the highest standards of compliance with applicable international sanctions laws and regulatory requirements across all jurisdictions in which it operates. This commitment is integral to MMIA’s governance framework and reflects its responsibility as a provider of marine insurance services that support global shipping and trade.

Due to the international nature of maritime operations, MMIA recognises that sanctions compliance risk may arise in multiple facets of the business, including underwriting, claims handling, reinsurance arrangements, broker relationships, vessel operations and other business activities. MMIA therefore commits to the following principles:

• Strict adherence to applicable sanctions regimes administered by relevant authorities in the jurisdictions connected to MMIA’s operations, members, counterparties and transactions.
• Risk-based compliance controls designed to identify, assess and mitigate sanctions exposure in underwriting, claims payments, renewals and related marine insurance activities.
• Screening and due diligence measures to reduce the risk of engaging with sanctioned persons, vessels, cargoes, trades, ports, or transactions that could give rise to sanctions violations.
• Ongoing monitoring and review of sanctions developments, recognising that sanctions frameworks evolve rapidly in response to geopolitical events affecting maritime trade.
• A culture of compliance and accountability, supported through regular training, internal guidance and clear expectations that all personnel act in accordance with MMIA’s compliance policies.

Sanctions compliance is fundamental to MMIA’s ability to operate responsibly, protect its members and maintain the confidence of regulators, reinsurers, brokers and other stakeholders