Council Regulation (EU) 2016/465Show full title

Article 1

In Regulation (EC) No 329/2007, the following Article is inserted:

‘Article 8a

1. By way of derogation from Article 6(4), the competent authorities of the Member States as indicated on the websites listed in Annex II, may authorise making certain funds or economic resources available to the Korea National Insurance Corporation (KNIC) where that is necessary for the payment of premiums under an insurance contract with a national of a Member State or a legal person, entity or body incorporated or constituted under the law of a Member State, provided that the payment:

(a) is exclusively for the purposes of activities which are not prohibited by this Regulation to be carried out in North Korea by a national of a Member State or a legal person, entity or body incorporated or constituted under the law of a Member State;

(b) is not directly or indirectly for the benefit of a person, entity or body listed in Annex IV, V or Va except KNIC.

2. A national of a Member State and legal persons, entities or bodies incorporated or constituted under the law of a Member State may receive payments by KNIC subject to prior authorisation by the competent authorities of the Member States as indicated on the websites listed in Annex II. Such authorisation may be granted provided that the payment:

(a) is due in accordance with a contract for insurance services mentioned in point (a) of paragraph 1, or in accordance with a contract for insurance services provided by KNIC in respect of damage caused within the territory of the Union by any party to such contract;

(b) is not directly or indirectly for the benefit of a person, entity or body listed in Annex IV, V or Va;

(c) will not contribute to an activity prohibited under this Regulation; and

(d) does not result in the release of funds or economic resources of KNIC located outside North Korea.

3. The authorisations set out in paragraphs 1 and 2 of this Article shall not be required where the payment to or by KNIC is necessary for the official purposes of a diplomatic or consular mission of a Member State in North Korea.

4. By way of derogation from Article 6(2), the competent authorities of the Member States, as indicated on the websites listed in Annex II, may authorise the release of certain frozen funds or economic resources of KNIC, under such conditions as they deem appropriate, after having determined that:

(a) the funds or economic resources shall be used exclusively for a payment by KNIC due under a contract concluded before 1 April 2016;

(b) the contract is not related, directly or indirectly, to an activity prohibited under this Regulation;

(c) the payment is not directly or indirectly for the benefit of a person, entity or body listed in Annex IV, V or Va.

The Member State concerned shall inform the other Member States and the Commission of any authorisation granted under this paragraph.’.