PART 4Finance
CHAPTER 2Investment, financial services and financial markets
Insurance and reinsurance services in relation to ships29
1
A person (“P”) must not provide insurance or reinsurance services in relation to a ship if P knows, or has reasonable cause to suspect, that P is providing such services in relation to a ship that is—
a
owned, controlled or operated by a person connected with the DPRK;
b
a specified ship;
c
a ship registered in the DPRK, or
d
a ship flying the flag of the DPRK.
2
Paragraph (1) is subject to Part 9 (Exceptions and licences).
3
A person who contravenes the prohibition in paragraph (1) commits an offence.
4
For the purposes of paragraph (1), the reference to a ship being “owned” or “controlled” by a person is to be interpreted in accordance with regulation 80.