North, South Korean insurance companies involved
A North Korean insurance company has paid out for a car accident at Gaeseong (Kaesong) industrial complex for the first time. On July 12, a bus belonging to the Kaesung Industrial district management committee and a car of the Korea Land Corporation (KLC) collided in front of Hosan Ace Corp. The confusion arose because the bus was insured by a North Korean company, while the car held South Korean insurance. The car owned by the KLC was brought to the South to repair. After that, the KLC requested the North Korean insurance company to compensate 1.05 million won (US$1,000). In response, the North side, after official consultations with the KLC and its management committee, admitted that 80 percent of the error had been the bus driver's, and paid 842,000 won(US$899), 80 percent of the amount requested by the KLC, on September 21. According to insurance regulations at the Gaeseong industrial complex, corporations, or individuals who want to hold insurance are required to use a North Korean insurance company.Please direct questions or comments to [englishhani@hani.co.kr]
