Recent developments in political level between Iran and the International community have spread enthusiasm that the formerly isolated Middle Eastern oil giant can start regaining its vital role in international trade. More specifically in July 2015 the Joint Comprehensive Plan of Action (JCPOA) was agreed between the P5 and Iran. On the 16th of January, 2016 the majority of the US and EU trade sanctions were lifted. However, not all sanctions have been abolished resulting in greater uncertainty with regard to Iranian trade. Non US entities are free to provide underwriting and broking services for insurance and reinsurance transactions for the sale, supply or transfer to and from Iran a significant number of goods and services. Although this looks like signaling a green light to non-US entities for trading in Iran there are restrictions pertaining to re-insurance that complicate matters; for example if a re-insurer of an EU insurance provider is a US entity then this will prevent both companies from paying claims for ceded portions of cover. Hence, even EU insurers will need to delve into the details of the proposed trading to/from Iran before confirming cover to their assureds. The position is even more complex when it comes to International Group of P&I Clubs and the layered cover they provide, who have in the meantime worked on an ad-hoc fall-back re-insurance cover on individual Club basis for matching the General Excess of Loss and Pooling gaps in cover.