Iran's Persian Gulf Strait Authority requires vessels passing through to hold approved insurance, with no charges for the time being

According to the Financial Times, the Persian Gulf Authority of Iran has issued a document requiring all vessels to hold insurance approved by the agency in order to pass through the Strait of Hormuz. This insurance is free of charge within the period specified in the memorandum of understanding between the United States and Iran, and the regulatory authority reserves the right to collect premiums in the future.