(1) A person ("P") must not provide insurance or reinsurance services to the Syrian regime if P knows, or has reasonable cause to suspect, that P is providing such services to the Syrian regime.

(2) Paragraph (1) is subject to regulations 56 and 60 (exceptions).

(3) A person who contravenes the prohibition in paragraph (1) commits an offence.

(4) Nothing in this regulation prohibits compliance with an insurance or reinsurance agreement concluded before 19 January 2012.

(5) For the purposes of this regulation -

(a)  "insurance and reinsurance services" include the provision of services relating to the extension or renewal of an insurance or reinsurance agreement, except where there is an obligation, which arose before 19 January 2012, of the insurer or re-insurer to accept the extension or renewal;

(b) "the Syrian regime" has the same meaning that it has in regulation 2, except that "a person acting on its behalf or under its direction" does not include any person who is acting under a direction which is given in relation to a ship or aircraft for the purposes of docking, loading or unloading the ship or aircraft or for any purpose in connection with the safe transit of the ship or aircraft in the territorial sea adjacent to Syria or in the airspace above it.