UK amends insurance payments general licence to permit IPF repayments via intermediaries
The United Kingdom has widened a sanctions general licence to let designated persons repay insurance premium finance through UK intermediaries, not only insurers, expanding permitted payment routes for covered insurance arrangements.
LONDON, March 31, 2026 — The UK Office of Financial Sanctions Implementation amended General Licence INT/2022/2009156 on March 31 to allow designated persons to make insurance premium finance, or IPF, repayments to UK intermediaries rather than only to insurers or brokers.
The updated licence, titled Permitted Payments to UK Insurance Companies, now defines “Permitted Payments” to include repayment of insurance premium finance to a Relevant UK Institution, UK insurers or UK insurance brokers. The revised definition expressly adds repayment of insurance premium finance to those categories, and further reflects the expanded permissions for payments and fund transfers involving UK insurance brokers and relevant UK institutions.
The amendment broadens the operational routes available for sanctioned persons making permitted payments tied to UK properties and motor insurance. It also allows relevant UK institutions to transfer funds received under the licence to UK insurance brokers and UK insurers, while brokers and relevant UK institutions may receive and make certain return payments and refunds under the stated conditions.
The general licence remains subject to reporting and record-keeping requirements. Designated persons must report transactions to HM Treasury within 10 working days, and firms relying on the licence must keep accurate records for at least six years.
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