The Globe and Mail reports in its Wednesday, June 24, edition that Iran is reinforcing its control over the Strait of Hormuz to generate revenue through new entities and procedures. A New York Times dispatch to The Globe reports that the head of Iran's insurance regulator announced the establishment of a new insurance company focused on the strait. Recently, the Persian Gulf Strait Authority, created in May, mandated that vessels register for a new Iranian insurance policy, which is currently free of charge. Shipping experts view these steps as Iran's attempt to assert control over the shared waterway with Oman, possibly leading to demands for payments from vessels that previously transited fee-free. Iran's requirements may create a dangerous precedent for global shipping, complicating an already confusing situation in the strait. "We are in uncharted territory," said Richard Meade, editor-in-chief of Lloyd's List. The insurance demands emerged after the United States and Iran signed a memorandum of understanding to end the war and to reopen the strait last week. Maritime historian Salvatore Mercogliano says the Iranian demands try to legitimize the authority of the new entity as broader negotiations are under way.