Korea National Insurance Corporation (KNIC), its organizational structure
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Executive Committee of Management
The mission of Korea National Insurance Corporation (KNIC) is to provide life and non-life insurance covers to institutions, enterprises, cooperatives and individual citizens within the territory of the DPR Korea.
as befitting to its corporate mission, knic has the specific departments dealing with life and non-life insurance and other complementary divisions at its head office, as well as insurance branch offices at different levels across the country under it.
The major operational departments at the head office are as follows:
Property Insurance Department is in charge of non-life insurance classes, such as property, crop, livestock, engineering and motor applied from institutions, enterprises, cooperatives and individual citizens.
Marine Insurance Department handles such lines as marine hull, cargo and liability, aviation hull and liability applied from institutions, enterprises and cooperatives.
Life Insurance Department provides life and personal accident coverage applied from institutions, enterprises, cooperatives and individual citizens.
Economic Cooperation Insurance Department offers different classes of insurance to newly developed economic zones and foreign invested enterprises (foreigners, joint ventures, representative offices, correspondent branch offices, embassies and international organizations) including Rason Economic and Trade Zone and HwanggumPhyong and Wihwa Islet Economic Zone.
Reinsurance Department organizes reinsurance protection for primary insurance accounts written by KNIC. It also writes various reinsurance business from (re)insurance companies abroad.
Investment Department conducts investment activities for financial securities and mining, and manages non-insurance enterprises like a shipping company.
Besides, there are other complementary divisions like Market Research, Insurance Cooperation, Financial Supervision, Finance & Accounting, Administration and Protocol, all of which are engaged in their respective functions.
KNIC, as a sole insurer of the DPR Korea has over 10 provincial insurance branches and over 200 insurance offices at municipal (district) and county levels under its umbrella nationwide and representative offices overseas.
Finance & Accounting
Provincial Branch Offices