Saturday, August 8, 2015

New York marine insurance company fined for North Korea dealings

New York marine insurance company fined for North Korea dealings
The U.S. Treasury said the firm had committed a total of 48 violations.
By Elizabeth Shim | Aug. 7, 2015 at 2:44 PM

NEW YORK, Aug. 7 (UPI) -- A New York marine insurance firm has agreed to
pay fines for violating U.S. sanctions against North Korea, Cuba and Iran.

Insurance provider The Navigators Group, Inc. admitted the company
provided North Korea vessels with marine insurance, according to a
statement from the U.S. Treasury's Office of Foreign Assets Control on
Thursday.

OFAC said Navigators had committed a total of 48 violations: The firm
was found in violation of North Korea sanctions including Executive
Order No. 13466 and various sanctions against Iran, Cuba and Sudan.

The firm has agreed to pay a reduced fine of $271,000 -- down from an
initial penalty of $750,000. Of the $750,000 amount, $570,000 was a fine
for North Korea sanctions violations.

OFAC said the penalty was reduced after Navigators voluntarily disclosed
information of its violations and cooperated with investigators.

Navigators earned $1.1 million in insurance premiums between 2008 and
2011 from 24 individual policies for North Korea vessels.

Between 2009 and 2010, the firm delivered $12,000 in payouts.

Despite sanctions, North Korean ships remain active at sea.

In 2014, a 6,700-ton North Korean ship was stranded on a reef nine miles
from Veracruz, Mexico.

Mexico had detained the ship's personnel but released the North Koreans
last month after negotiations with Pyongyang.

Source: N.Y. marine insurance firm fined for North Korea premiums -
UPI.com -
http://www.upi.com/Top_News/World-News/2015/08/07/New-York-marine-insurance-company-fined-for-North-Korea-dealings/6271438971137/

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