Nex Systems
Company

Korea National Insurance Corporation

Counter-sanctioned entity

North Korea. Named in 20 sanctions listings.

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Summary

The Korean National Insurance Company is a DPRK financial and insurance company, which provided fishing rights and insurance policies to foreign vessels. To disguise its operations, KNIC utilizes the identities of its front companies. Its representativeness often operate under diplomatic cover at embassies of the DPRK.

Entity structure as published: Tüzel Kişi/Kuruluş/Organizasyon

Adresse : Central District, Pyongyang, RPDC

(also KOREA NATIONAL INSURANCE CORPORATION)

est une société financière et d'assurance nord-coréenne affiliée au Bureau 39

Other information: The Korean National Insurance Company is a DPRK financial and insurance company and is affiliated with Office 39.

(UE) 2017/1509 du 30/08/2017 (ONU Corée du Nord - RCSNU 1718 (2006) et R (UE) 2017/1509) (FondementJuridique: 421)

The Korean National Insurance Company is a DPRK financial and insurance company and is affiliated with Office 39.

KPe.048. The Korean National Insurance Company is a DPRK financial and insurance company and is affiliated with Office 39.

branch offices of Korea National Insurance Corporation (KNIC)

Date of listing: 5/08/2017

(Date of listing: 5/08/2017)

(also KOREA FOREIGN INSURANCE COMPANY, KOREA NATIONAL INSURANCE COMPANY)

Figure 5 on p. 77 of the UN Panel of Experts February 2016 report indicates that The Korea National Insurance Corporation and Korea Shipowners' Protection and Indemnity Association are the same entity. According to Paragraph 136 (p. 54) of the UN Panel of Experts September 2023 report, KNIC also operates under the names of its front/subordinate companies, including Rainbow Intermediaries, Samhae Insurance Corporation, and Polestar Insurance Company.

décision du comité des sanctions des Nations unies du 05/08/2017 (ONU Corée du Nord - RCSNU 1718 (2006) et R (UE) 2017/1509) (FondementJuridique: 408)

Name Korea Foreign Insurance Company: branch offices of Korea National Insurance Corporation (KNIC)

Sanctions and listings20

  • Effective
    12 Jul 2018

    Official designation

    Isreali Ministry of FinanceIsrael Prevention of Distribution and Financing of WMDs designations

    Last updated 12 Mar 2018gov.il

  • Listed
    3 Feb 2017
    Effective
    2 Dec 2016

    Reciprocal

    OFACUS SAM Procurement ExclusionsUnited StatesActive

    Prohibition/Restriction

    Redacted for Security Reasons

    sam.gov

  • Listed
    2 Dec 2016

    North Korea Sanctions - DPRK3

    Office of Foreign Assets ControlUS OFAC Specially Designated Nationals (SDN) ListUnited States

    DPRK3 and block

    Secondary sanctions risk: North Korea Sanctions Regulations, sections 510.201 and 510.210

    Transactions Prohibited For Persons Owned or Controlled By U.S. Financial Institutions: North Korea Sanctions Regulations section 510.214

    Executive Order 13722 (North Korea)

    Programme US-NKReference 20573treasury.govofac.treasury.gov

  • Listed
    26 Jan 2017
    Effective
    2 Dec 2016

    Reciprocal

    OFACUS SAM Procurement ExclusionsUnited StatesActive

    Prohibition/Restriction

    Redacted for Security Reasons

    sam.gov

  • Official designation

    La Principauté de MonacoMonaco National Fund Freezing ListMonaco

    décision du comité des sanctions des Nations unies du 05/08/2017 and (ue) 2017/1509 du 30/08/2017

    Autorité de désignation publiée : Organisation des Nations unies

    est une société financière et d'assurance nord-coréenne affiliée au Bureau 39

    geldefonds.gouv.mc

  • Effective
    5 Aug 2017

    UK sanctions relating to the Democratic People’s Republic of Korea - The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019

    Foreign, Commonwealth & Development Office; UNUK FCDO Sanctions ListUnited Kingdom

    Chartering of Ships, asset freeze, prevention of business arrangements, crew servicing of ships and aircraft, closure of representative offices and prohibition of port entry

    Programme GB-DPRKReference DPR0168Reference 13355Reference KPe.048Last updated 14 Jan 2022gov.ukgov.uk

  • Listed
    5 Aug 2017

    Official designation

    Financial Intelligence CentreSouth Africa Targeted Financial SanctionsSouth Africa

    Reference KPe.048fic.gov.za

  • Listed
    3 Feb 2017
    Effective
    2 Dec 2016

    Reciprocal

    OFACUS SAM Procurement ExclusionsUnited StatesActive

    Prohibition/Restriction

    Redacted for Security Reasons

    sam.gov

  • Listed
    24 Feb 2021; 5 Aug 2017

    Asset freezes within the scope of Articles 3.A and 3.B of Law No. 7262, aimed at preventing the financing of the proliferation of weapons of mass destruction.

    Republic of Türkiye Ministry of Treasury and Finance - Financial Crimes Investigation BoardTürkiye Asset Freezing Sanctions List (MASAK)Turkey

    Official Gazette as published: 24.02.2021-31405

    Decision as published: 24.2.2021/3578

    ms.hmb.gov.tren.hmb.gov.tr

  • North Korea Sanctions - 1718 (DPRK)

    Department of Foreign Affairs and TradeAustralian Sanctions Consolidated ListAustralia

    Targeted financial sanction and travel ban

    Listed on: 4 Aug. 2017

    Programme UN-SC1718Last updated 20 Feb 2026dfat.gov.auun.org

  • Listed
    31 Aug 2017
    Effective
    1 Sep 2017

    EU Restrictive Measures In Relation To The Non-Proliferation Of The Weapons Of Mass Destruction (WMD) - PRK

    Directorate‑General for Financial Stability, Financial Services and Capital Markets UnionEU Financial Sanctions Files (FSF)European Union

    regulationType=repealing; organisationType=council

    2017/1509 (OJ L224)

    Programme EU-PRKReference EU.4006.82eur-lex.europa.eusanctionsmap.eu

  • Comitetul Consiliului de Securitate al ONU instituit prin Rezoluția 1718 (2006) - RPDC

    Centrul Antiterorist al Serviciului de Informaţii şi Securitate al Republicii MoldovaMoldovan Sanctions for Terrorism and Proliferation of WMDMoldova

    antiteror.sis.md

  • Effective
    16 Aug 2017

    北朝鮮に関連する国際連合安全保障理事会決議に基づく資産凍結等の措置の対象となる者（団体）

    Ministry of FinanceJapan Economic Sanctions and List of Eligible PeopleJapan

    Reference 48mof.go.jp

  • Listed
    16 Aug 2017

    Резолюції РБ ООН 1718 (2006)

    State Finance Monitoring ServiceUkraine SFMS BlacklistUkraine

    fiu.gov.ua

  • Listed
    5 Aug 2017

    North Korea Sanctions - DPRK

    United Nations Security CouncilUN Security Council Consolidated Sanctions

    Programme UN-SC1718Reference KPe.048un.orgun.org

  • Listed
    11 Aug 2017; 28 Apr 2016

    EU Restrictive Measures In Relation To The Non-Proliferation Of The Weapons Of Mass Destruction (WMD)

    Federal Public Service FinanceBelgian Financial SanctionsBelgium

    2016/659 (OJ L114)

    2017/1457 (OJ L208)

    Programme EU-PRKfinance.belgium.besanctionsmap.eu

  • Listed
    5 Aug 2017

    DPRK

    Ministerio de JusticiaArgentina RePET SanctionsArgentina

    Referencia publicada: KPe.048

    Reference KPe.048repet.jus.gob.ar

  • Listed
    7 Aug 2017; 15 Apr 2025
    Effective
    15 Apr 2025; 5 Aug 2017

    Measures Against North Korea - Ordinance of 18 May 2016 on measures against North Korea (SR 946.231.127.6), annexes 1 et 6

    State Secretariat for Economic AffairsSwiss SECO Sanctions/EmbargoesSwitzerland

    Programme SECO-NORTHKOREAReference 37026Reference KPe.048seco.admin.chseco.admin.ch

  • Listed
    26 Jan 2017
    Effective
    2 Dec 2016

    Reciprocal

    OFACUS SAM Procurement ExclusionsUnited StatesActive

    Prohibition/Restriction

    Redacted for Security Reasons

    sam.gov

  • North Korea Sanctions - décision du comité des sanctions des Nations unies du 05/08/2017 (ONU Corée du Nord - RCSNU 1718 (2006) et R (UE) 2017/1509); (UE) 2017/1509 du 30/08/2017 (ONU Corée du Nord - RCSNU 1718 (2006) et R (UE) 2017/1509)

    Direction Générale du TrésorFrench National Asset Freezing SystemFrance

    est une société financière et d'assurance nord-coréenne affiliée au Bureau 39

    Programme UN-SC1718gels-avoirs.dgtresor.gouv.frun.org

Connections26

Members and officers4

  • Choe Myong Chol
    Representative in Pakistan (unconfirmed)
    Born 7 Apr 1974PakistanNorth Korea
  • Jon Hyon Chol
    Representative in Pakistan (unconfirmed)
    Born 1 Jan 1985PakistanNorth Korea
  • Kim Yong Jin
    Representative in Nigeria (unconfirmed)
    Born 28 Sep 1971NigeriaNorth Korea
  • Sin Jun Chol
    Representative in the Russian Federation (unconfirmed)
    RussiaNorth Korea

Other links22

  • OrganizationSamhae Insurance Corporation
    Linked from
    "Samhae Insurance is a front or subordinate company of the Korean National Insurance Company (KNIC)"
  • PersonLi Xianzhu
    Linked from
    "Partnered with or knowingly assisted KNIC in developing business opportunities, attempting to collect money, and/or facilitating financial transfers of funds to KNIC headquarters’ control"China
  • OrganizationRainbow Intermediaries
    Linked from
    "Rainbow Intermediaries is a front or subordinate company of the Korean National Insurance Company (KNIC)"
  • OrganizationDandong Hongxiang Industrial Development Co LtdSanctionedDebarredExport controlledPerson of interest
    Linked from
    "Joint venture partner"China
  • OrganizationOcean Maritime Management Company, LimitedCounter-sanctioned entitySanctionedDebarredExport controlled
    Linked from
    "Linked"PeruRussiaSingapore
  • OrganizationChinpo Shipping Co. Pte. Ltd.
    Linked from
    "Linked"Singapore

Other names18

Also known as18

Korea General Insurance CompanyRainbow IntermediariesSamhae Insurance CorporationKNICPolestar Insurance Company조선민족보험총회사Korean National Insurance CompanyKorea Foreign Insurance CompanyKorea National Insurance Companyケー・エヌ・アイ・シー；コリア・フォーリン・インシュランス・カンパニー朝鲜民族保险总会社Korean National Insurance Corporation (KNIC)KOREA NATIONAL INSURANCE COMPANYコリアン・ナショナル・インシュランス・カンパニーKOREAN NATIONAL INSURANCE COMPANYKorean National Insurance Company (KNIC)KORE ULUSAL SİGORTA ŞİRKETİ (KOREAN NATIONAL INSURANCE COMPANY/KNIC )KOREAN NATIONAL INSURANCE CORPORATION (KNIC)

Addresses13

  • Pyongyang, North Korea

  • Central District, Pyongyang, Democratic People's Republic of Korea

  • Pyongyang, DPR Korea

  • CENTRAL DISTRICT, PYONGYANG

  • Central District Pyongyang Korea, North

  • 北朝鮮平壌特別市中区域

  • KNIC Building, Central District Pyongyang

  • Central District, Pyongyang, RPDC

  • Central District Pyongyang Democratic Peoples Republic of Korea

  • Central District, Pyongyang, DPRK

  • Central District, Pyongyang, KOREA, DEMOCRATIC PEOPLE'S REPUBLIC OF

  • Central District Pyongyang Democratic People's Republic of Korea

  • Central District, Pyongyang, North Korea

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