Zurich, Insurers Said to Be Questioned on Iran Sanctions

Zurich Insurance Group AG is among companies being questioned by New York’s insurance regulator in a widening investigation into compliance with a law imposing sanctions against Iran, a person familiar with the matter said.

The state Department of Financial Services yesterday asked insurers to explain their policies and procedures to avoid violations of the federal Iran Freedom and Counter-Proliferation Act of 2012, according to a letter to the companies obtained by Bloomberg News. The act took effect July 1.