# § 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)** **In general** August 10, 2012August 10, 2012
Except as provided in subsection (b), not later than 60 days after , the President shall impose 5 or more of the sanctions described in section 6(a) of the Iran Sanctions Act of 1996, as amended by section 204, with respect to a person if the President determines that the person knowingly, on or after , provides underwriting services or insurance or reinsurance for the National Iranian Oil Company, the National Iranian Tanker Company, or a successor entity to either such company.
**(b)** **Exceptions**
**(1)** **Underwriters and insurance providers exercising due diligence** The President is authorized not to impose sanctions under subsection (a) with respect to a person that provides underwriting services or insurance or reinsurance if the President determines that the person has exercised due diligence in establishing and enforcing official policies, procedures, and controls to ensure that the person does not provide underwriting services or insurance or reinsurance for the National Iranian Oil Company, the National Iranian Tanker Company, or a successor entity to either such company.
**(2)** **Food; medicine; humanitarian assistance** The President may not impose sanctions under subsection (a) for the provision of underwriting services or insurance or reinsurance for any activity relating solely to—
**(A)** the provision of agricultural commodities, food, medicine, or medical devices to Iran; or
**(B)** the provision of humanitarian assistance to the people of Iran.
**(3)** **Termination period** August 10, 2012
The President is authorized not to impose sanctions under subsection (a) with respect to a person if the President receives reliable assurances that the person will terminate the provision of underwriting services or insurance or reinsurance for the National Iranian Oil Company, the National Iranian Tanker Company, and any successor entity to either such company, not later than the date that is 120 days after .
**(c)** **Definitions** In this section:
**(1)** **Agricultural commodity** section 5602 of title 7
The term “agricultural commodity” has the meaning given that term in .
**(2)** **Medical device** section 321 of title 21
The term “medical device” has the meaning given the term “device” in .
**(3)** **Medicine** section 321 of title 21
The term “medicine” has the meaning given the term “drug” in .
**(d)** **Application of provisions of Iran Sanctions Act of 1996** The following provisions of the Iran Sanctions Act of 1996, as amended by this Act, apply with respect to the imposition of sanctions under subsection (a) to the same extent that such provisions apply with respect to the imposition of sanctions under section 5(a) of the Iran Sanctions Act of 1996:
**(1)** Subsection (c) of section 4.
**(2)** Subsections (c), (d), and (f) of section 5.
**(3)** Section 8.
**(4)** Section 9.
**(5)** Section 11.
**(6)** Section 12.
**(7)** Subsection (b) of section 13.
**(8)** Section 14.
**(e)** **Rule of construction and implementation** Public Law 104–17250 U.S.C. 170122 U.S.C. 850150 U.S.C. 1701section 8513a of this title
Nothing in this section shall be construed to limit the authority of the President to impose sanctions pursuant to the Iran Sanctions Act of 1996 (; note), the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( et seq.), the International Emergency Economic Powers Act ( et seq.), , or any other provision of this Act.
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**Source Credit**: (Pub. L. 112–158, title II, § 212, Aug. 10, 2012, 126 Stat. 1229.)
### Termination of Section
For termination of section, see .
## Editorial Notes
### References in Text
The Iran Sanctions Act of 1996, referred to in subsecs. (a), (d), and (e), is , , , which is set out as a note under , War and National Defense. Section 6(a) of the Act, as amended by section 204, is , as amended by .
This Act, referred to in subsecs. (d) and (e), is , , , known as the Iran Threat Reduction and Syria Human Rights Act of 2012, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, referred to in subsec. (e), is , , , which is classified principally to chapter 92 (§ 8501 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under and Tables.
The International Emergency Economic Powers Act, referred to in subsec. (e), is title II of , , , which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classification of this Act to the Code, see Short Title note set out under and Tables.