|
North Korean Insurer Entitled to Summary Judgment |
|
|
15 October 2007
Korea National Insurance Corporation v Allianz Global Corporate & Speciality AG and Ors
Commercial Court - Steel J - 24 July 2007
The Facts
The Claimant, an insurance company incorporated in the Democratic People's Republic of Korea, claimed the sum of €44,310,523 against the reinsurers, represented by the Defendant, being the sum due under a judgment given by the North Korean courts.
The Claimant insured Air Koryo (a North Korean airline) under an aviation hull and liability policy, for the period from 1 November 2004 to 31 October 2005. The policy was subject to North Korean law and jurisdiction.
The contract of reinsurance covered the same period. It contained an express 'claims control' clause, and was also subject to North Korean law and jurisdiction.
Download (pdf)
|
If you have an article or information you would like to see published on Runoffmarket.com please get in touch using the Contact Us page or email
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
for more information.
