Insurance law - An Overview

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Article 91       Within the absence of provisions On this Law, with regards to these issues since the establishment of, adjustments to, dissolution and liquidation of an insurance corporation, the business Law along with other relevant regulations and administrative procedures and laws shall apply.

The insured or the beneficiary of the first insurance shall not lodge statements with reinsurance assignee for indemnity or payment of insurance benefits.

Posting 134      The service charges for insurance agents and commissions for insurance brokers shall only be paid to the lawfully skilled insurance brokers and insurance brokers, never to almost every other individuals.

The work of resources of the insurance organization is restricted to lender deposits, bringing and providing of government and money bonds and also other forms of fund stipulated through the State Council.

Write-up 111      Pursuant to your stipulations from the preceding report, in case an insurance firm fails to suitable the problem in the prescribed interval, following it's been directed to do so by a decision of rectification of the insurance supervision and Manage authority, the latter Office shall then find insurance experts and designate appropriate staff with the insurance company to type a rectification activity pressure to perform the rectification get the job done with the explained insurance enterprise.

Posting 103      The place an insurance company needs to put through outward reinsurance company, it shall give precedence to insurance firms founded within the territory of your People’s Republic of China.

It doesn't specify the particular guidelines that govern international trade in precise locations. These are located in individual treaties, annexed for the Marrakesh Agreement.

   Article 139       Where an insurance business or one among its team members, when transacting insurance small business, conceals product details with respect on the insurance agreement, and deceives the applicant, the insured or perhaps the beneficiary, or the place the insurance firm refuses to meet its obligation agreed to in the insurance agreement to pay for indemnity or insurance Advantages, which constitute against the law, the insurance firm shall be investigated for criminal responsibility in accordance with regulation.

Short article 43       While in the function of partial loss of the subject material of insurance, the applicant may more info perhaps terminate the agreement inside of thirty days following indemnification through the insurer; Except if specified normally inside the insurance agreement, the insurer might also terminate the deal. In case the insurance company terminates the contract, the insurance company shall notify the applicant 15 times beforehand of this kind of termination and refund towards the applicant the premium for that percentage of the subject matter of insurance which isn't dropped or harmed just after deducting the attained high quality for the subject matter of the insurance which isn't lost or damaged within the date of the commencement of your insurance liability to the date of termination of your deal.

In which the quantity in mixture of the sum insured by double insurance exceeds the insurable benefit, the total level of indemnity paid by all insurers worried shall not exceed the insurable price.

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   No insurance organization might concurrently interact in the small business other than that furnished for by this Law or other legislation, or administrative rules and polices.

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