Korea National Insurance Corporation

CComposite State-owned / parastatalPartially verified against the regulator register

Also Choson Minjok Pohom Chongguk / Korean National Insurance Company (KNIC); aliases incl. Korea Foreign Insurance Company. State insurer founded 1947 (life and non-life, plus reinsurance placed abroad). SANCTIONED: OFAC-designated 2 Dec 2016 (linked to Office 39); UN Security Council listing KPe.048 under resolution 2371 (5 Aug 2017), implemented by the EU and UK in 2017; the EU had also sanctioned KNIC and its London branch autonomously in 2015-2016. Composite class assumed; lines not published.

Official sources

Central insurance guidance institution (no independent supervisor) regulator profile

This directory holds no official website for Korea National Insurance Corporation: the Central insurance guidance institution (no independent supervisor) register does not publish one and no sourced profile has been accepted. The register is the authoritative record of who is licensed.

Class of business: CompositeLicensed to write both life and non-life business under one entity.
Parent / group: Government of North Korea
Ownership: State-owned / parastatalOwned wholly or partly by a national government or parastatal.Ownership is what the Central insurance guidance institution (no independent supervisor) register or workbook records. It does not by itself mean the government guarantees this insurer’s policyholder liabilities.
Regulator: Central insurance guidance institution (no independent supervisor)
Local currency: KPW
Source basis: US Treasury press release jl0677 (2 Dec 2016), https://home.treasury.gov/news/press-releases/jl0677; OpenSanctions, https://www.opensanctions.org/entities/NK-ZVAffn8ced83sWQMcTguHB/; both retrieved 2026-09-26
Country verification: Partially verified - insurers named in sanctions designations (US Treasury, UN Security Council) and in press reports of DPRK state-portal listings · US Treasury press release jl0677, 2 Dec 2016 (https://home.treasury.gov/news/press-releases/jl0677); OpenSanctions entity page for KNIC (https://www.opensanctions.org/entities/NK-ZVAffn8ced83sWQMcTguHB/); Korea Times "NK sets up reinsurance firm" (Jan 2019, citing Naenara) (https://www.koreatimes.co.kr/www/biz/2019/01/488_261417.html); Insurance Business Asia "North Korea launches three general insurers" (19 Feb 2019, citing Yonhap and the Korea Institute of Finance); all retrieved 2026-09-26. No official register exists; no count stated.
Identifiers: slug north-korea-korea-national-insurance-corporation · row 2565/api/v1/insurers/north-korea-korea-national-insurance-corporation.json

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