On-line Quote

“I can't even spell fackeltative, let alone underwrite it”
Sponsorship levels
  • Kryptonite
  • Titanium
  • Bling Bling
  • Platinum
  • Gold
  • Lead

Please contact Riskbitz for sponsorship opportunities
Archive Stories
Archived stories from 2010

Choose the month of the 2010 archive you would like to browse from the links below. You can choose other years to browse from the menu on the left.

North Korea to be new regional reinsurance hub

The North Korean insurance and reinsurance market could soon be opened up to foreign competition according to sources close to the Kim Jong-Un, heir apparent to Kim Jong-Il, the current leader of the communist state.

Head of North Korean
Insurance supervision and
leader-in-waiting Kim Jong-Un

The soon to be elected leader of the rogue state is believed to be prioritizing the establishment of a rogue reinsurance sector in an effort to diversify the country's economy, which is dependent on the production of nuclear arms and canine cuisine.

Among the proposals that have leaked from Pyongyang are plans to allow foreign reinsurers to establish holding and branch companies in the demilitarized zone between south and north Korea.

To make the DMZ attractive to foreign reinsurers and encourage its growth as a regional hub, Pyongyang will not enforce any minimum capital or solvency standards within the DMZ IFSC, nor apply any underwriting constraints. Nor will work permits or residence licences be necessary. All executives will be required to dress in drab parkas, have dyed black bouffant hair and wear oversized sunglasses, however, according to sources.

"Instead of implementing onerous regulations they will indoctrinate all applicants with underwriting discipline," a scared looking source said. "It will be worse than Lloyd's."

Fritz Freud of V?cU?usity Consultants said that North Korea's move was intended to take advantage of the current trend among reinsurers for relocating. "The North Korean DMZ IFSC is not an ideal holding company location in terms of attracting talent," he said. "But in some ways the quality of life is not as bad as Luxembourg."

Jong-un is believed to be planning to build a golf course within the DMZ as an incentive to golf mad reinsurance executives. "It is going to be called the ?DMZ Rogue Pitch & Putt' with international conflict as its theme," a brainwashed source told RISKbitz.

A spokesman for the IAIAIS, the global supervisory organization, said if North Korea went ahead with its plan it would buy a big pair of binoculars to oversee the new domicile from a tower over the border. "Zero capital requirements are not a worry for domestic business as there is zero economic activity in North Korea to insure," said AIAIAIS spokesperson Dick Tater. "But Solvency 2 equivalence is going to be a stretch."

A spokesman for the South Korean government promised to change the mix tape it broadcasts across the DMZ if reinsurance companies relocated there.

Other news from Nov 2010
Travelating the Wave of Insurability
the serious stuff
You need help