Allianz is no longer accepting new business from applicants for international private medical insurance (IPMI) who are residing in Russia, it told Health & Protection.
However, the insurer confirmed existing members of its international health plans who reside in Russia will continue to benefit from cover.
This is provided these customers are not themselves sanctioned persons under the recent or any existing sanctions, and they are not providing the provider with details of one of the sanctioned banks for payment.
The customer’s current insurance contract is a legally binding confirmation of coverage including terms of this coverage, the insurer said.
A spokesperson for the company added its insurance contracts include, at all times, its mandatory sanctions clause which runs as follows: “Cover is not provided if any element of the cover, benefit, activity, business or underlying business violates any applicable sanction law or regulations of the United Nations, the European Union or any other applicable economic or trade sanction law or regulations.”
Last week, Health & Protection revealed Bupa has chosen to end existing relationships with businesses in Russia while continuing to support customers undergoing treatment in the country.
Last month, Willis Towers Watson and Marsh McLennan opted to end operations in Russia while Aon suspended work in the country.