22 U.S.C. § 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

Except as provided in subsection (b), not later than 60 days after August 10, 2012 , 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 August 10, 2012 , 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. 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. the provision of agricultural commodities, food, medicine, or medical devices to Iran; or the provision of humanitarian assistance to the people of Iran. 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 August 10, 2012 . The term “agricultural commodity” has the meaning given that term in section 5602 of title 7 . The term “medical device” has the meaning given the term “device” in section 321 of title 21 . The term “medicine” has the meaning given the term “drug” in section 321 of title 21 . Subsection (c) of section 4. Subsections (c), (d), and (f) of section 5. Section 8. Section 9. Section 11. Section 12. Subsection (b) of section 13. Section 14. 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 ( Public Law 104–172 ; 50 U.S.C. 1701 note), the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 ( 22 U.S.C. 8501 et seq.), the International Emergency Economic Powers Act ( 50 U.S.C. 1701 et seq.), section 8513a of this title , or any other provision of this Act.