U.N. Security Council’s decision against North Korea includes insurance sanctions

North Korea Insurance sanctions

The vote was unanimous throughout the council in response to Pyongyang’s choice to launch more ballistic missiles. The U.N. Security Council gave its unanimous approval to strengthening measures against North Korea, including insurance sanctions. This decision was in response to the country’s most recent ballistic missile launch. Pyongyang claims those it is now capable of sending those missiles to any part of the U.S. mainland. The U.N.’s Security Council resolution also includes strikingly lower caps on refined oil to North Korea. Aside from considerably tightened refined oil restrictions, North Korea…

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North Korea establishes its first international investment insurance firm

A surprising development in the global insurance industry: North Korea has established its first investment insurance firm. The firm’s aim is to attract foreign investments to the troubled country. It is expected that the North Korean firm will purchase reinsurance policies from international companies and offer this coverage to companies looking to do business within its borders. The firm is being built to mimic an insurance system in South Korea, which has served as a way to help business owners recover from financial losses due to risky investments. Because of…

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