The Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019

Insurance and reinsurance services in relation to ships

29.—(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).