BIZCHINA / Finance
Insurance Law of the People's Republic of China
Updated: 2006-04-18 09:11
Article 63. Upon the death of the Insured, the insurance money shall,
under any of the following circumstances, be treated as the inheritance
of the Insured and the Insurer shall perform his obligation to pay the
insurance money to the legal heritor of the Insured:
(1) No Beneficiary is designated;
(2) The Beneficiary dies before the Insured and there is no other
Beneficiary;
(3) The Beneficiary loses his beneficial title in accordance with the law
or waives his beneficial title and there is no other Beneficiary.
Article 64. Where the Applicant or the Beneficiary deliberately causes
death, injury, deformity or illness of the Insured, the Insurer shall not
be liable for payment of insurance money. Where the Applicant has paid in
full more than two years' premiums, the Insurer shall, in accordance with
the stipulations of the Contract, refund the cash value of the insurance
policy to other Beneficiaries who enjoy such beneficial interest.
Where the Beneficiary deliberately causes death or injury or deformity to
the Insured or commits any failed attempt to kill the Insured, he will be
stripped of his beneficial title.
Article 65. Where the Insured of the Contract, with death as a
precondition for making insurance payment, commits suicide, the Insurer
shall not be liable for payment of insurance money, unless as stipulated
in the second paragraph of this Article. But with regard to the insurance
premiums already paid by the Applicant, the Insurer shall return its cash
value based on the insurance policy.
With respect to Contracts with death as a precondition for making
insurance payment, if the Insurer commits suicide two years after the
conclusion of the Contract, the Insurer may pay insurance money in
accordance with the Contract.
Article 66. Where the Insured dies or suffers injury or deformity due to
an intentional criminal act, the Insurer shall not be liable for
insurance payment; however, the Insurer shall return the cash value to
the Applicant based on the insurance policy if the Applicant has paid the
premium for a minimum of two years.
Article 67. Where the death, injury or deformity of the Insured is caused
by the actions of a third party, the Insurer shall not have the right of
recourse toward the third party after the Insurer makes insurance payment
to the Insured or the Beneficiary.
Article 68. With respect to the termination of the Contract by the
Applicant, if the premium has been paid for a minimum of two years, the
Insurer shall, as agreed in the Contract, refund the cash value based on
the insurance policy within 30 days after receipt of notification of
termination of the Contract; if the Applicant has paid less than two
years' premiums, the Insurer shall refund the insurance premium after
deducting a service charge.
Chapter III Insurance Companies
Article 69. Insurance companies shall adopt the following organizational
forms:
(1) limited liability companies; or
(2) State-invested companies (wholly-owned);
Article 70. The establishment of insurance companies must be approved by
the State departments in charge of financial supervision and management.
Article 71. The following conditions shall be fulfilled in order to
establish an insurance company:
(1) Having Articles of Association that conform to the stipulations of
this Law and the Company Law of the People's Republic of China;
(2) Having a minimum of Registered Capital that meets the requirement
stipulated in this Law;
(3) Having upper-level management personnel that possess professional
knowledge and working experience;
(4) Having complete organizational structure and management system; and
(5) Having operation sites and other facilities related with insurance
business that conform to relevant requirements.
The departments in charge of financial supervision and management shall
take into consideration the need for development of the insurance
industry and fair competition while examining applications for the
establishment of insurance companies.
Article 72. The minimum Registered Capital required for the establishment
of an insurance company is RMB200,000,000.
The minimum Registered Capital of an insurance company must be paid-in
currency capital funds.
The departments in charge of financial supervision and management shall,
in accordance with the business scope and scale of an insurance company,
adjust its minimum Registered Capital; provided, however, that the
adjusted minimum Registered Capital shall not be lower than the minimum
requirement defined in the first paragraph of this Article.
Article 73. When applying to establish an insurance company, the
Applicant shall submit the following documents:
(1) a letter of application which shall state clearly the name of the
proposed insurance company and its registered capital and business scope;
(2) a feasibility study report;
(3) other documents and materials required by the departments in charge
of financial supervision and management.
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