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.

5

In this regulation—

  • “ship” includes every description of vessel (including a hovercraft) used in navigation;

  • “specified ship” means a ship specified by the Secretary of State under regulation 11(1) or (2).