(1) A person ("P") must not provide insurance or reinsurance services in relation to a ship if P knows, or has reasonable cause to suspect, that P is providing such services in relation to a ship that is -
(a) owned, controlled or operated by a person connected with the DPRK;
(c) a ship registered in the DPRK, or
(d) a ship flying the flag of the DPRK.
(2) Paragraph (1) is subject to Part 9 (Exceptions and licences).
(3) A person who contravenes the prohibition in paragraph (1) commits an offence.
(4) For the purposes of paragraph (1), the reference to a ship being "owned" or "controlled" by a person is to be interpreted in accordance with regulation 80.
(5) In this regulation -
"ship" includes every description of vessel (including a hovercraft) used in navigation;
"specified ship" means a ship specified by the Secretary of State under regulation 11(1) or (2).