BIZCHINA / Finance
Insurance Law of the People's Republic of China
Updated: 2006-04-18 09:11
Article 28. "Reinsurance" means insurance under which the insurer hands
over a part of his insurance liability to other insurers in the form of
underwriting.
Upon request by the Reinsurer, the Cedent shall inform the Reinsurer of
his own liabilities and relevant information about the original insurance.
Article 29. The Reinsurer shall not demand insurance premiums from the
Applicant of the original insurance.
The Insured or the Beneficiary of the original insurance shall not lodge
any request for indemnification or payment of insurance money from the
Reinsurer.
The Cedent shall not refuse or postpone performance of the original
insurance liabilities using the reason that the Reinsurer has failed to
perform his reinsurance liabilities.
Article 30. In the event that any disputes arise between the Insurer and
the Applicant with respect to the terms of the insurance contract, the
People's Court or arbitratory organs shall offer interpretations
favorable to the Insured or the Beneficiary.
Article 31. The Insurer or the Reinsurer is obliged to keep confidential
his knowledge of all business and property information about the
Applicant, the Insured or the Cedent.
Section 2 Property Insurance Contracts
Article 32. A property insurance contract is a contract in which property
and relevant interests are the subject matter insured.
Unless specifically stated otherwise, the property insurance contract is
hereafter referred to as the "Contract" in this section.
Article 33. Upon assignment of the subject matter insured, notice shall
be served to and consent for continued underwriting shall be obtained
from the Insurer before the Contract is altered in accordance with the
law. However, insurance contracts for cargo transport and contracts
otherwise agreed upon are excepted.
Article 34. With respect to cargo transport insurance contracts and
transport device voyage insurance contracts, the insurance parties shall
not terminate such contracts after the commencement of insurance
liability.
Article 35. The Insured shall observe the State regulations on fire
prevention, safety, production operation and labor protection and
maintain the safety of the subject matter insured.
According to the stipulations of the Contract, the Insurer may make
inspections to the safety condition of the subject matter insured and
shall make written proposals to the Applicant or the Insured in good time
for the removal of any unsafe elements and hidden perils.
Where the Applicant or the Insured fails to perform his responsibility as
required for maintaining the safety of the subject matter insured, the
Insurer shall have the right to increase the insurance premiums or
terminate the Contract.
The Insurer, upon consent by the Insured, may adopt safety measures to
maintain safety of the subject matter insured.
Article 36. During the term of the Contract, if there is any increase in
the risk exposure of the subject matter insured, the Insured shall, in
accordance with the stipulations of the Contract, immediately notify the
Insurer, and the Insurer shall have the right to increase the insurance
premiums or terminate the Contract.
Where the Insured fails to notify the Insurer as stipulated in the
preceding paragraph, the Insurer shall not be liable for any loss
incurred by occurrence of insured events caused by an increase of the
risk exposure of the subject matter insured.
Article 37. Unless otherwise stipulated in the Contract, the Insurer
shall lower the insurance premiums or refund the remaining premiums
calculated on a daily basis, under any of the following circumstances:
(1) With the change of the relevant circumstances whereby the insurance
premium is determined, the risk exposure of the subject matter insured
has obviously lessened; and
(2) The insurable value of the subject matter insured has obviously
decreased.
Article 38. Prior to the commencement of the insurance liability, the
Applicant shall pay a fee for undertaking procedures if he wants to
terminate the Contract, and the Insurer shall refund the premium. If the
Applicant wants to terminate the Contract after the commencement of the
insurance liability, the insurer may collect insurance premiums for the
period from the day when the insurance liability commences to the day
when the Contract is terminated, and shall refund the remaining premium
to the Applicant.
Article 39. The insurable value of the subject matter insured shall be
agreed upon between the Insurer and the Applicant and be clearly defined
in the Contract; or the insurable value shall be determined on the basis
of the actual value of the subject matter insured at the time when the
insured event occurs.
The insured amount shall not exceed the insurable value; the portion of
insured amount exceeding the insurable value shall be deemed null and
void.
If the insured amount is less than the insurable value, the Insurer shall
bear liability to compensate in proportion to that which the insured
amount bears to the insurable value, unless it is otherwise stipulated in
the Contract.
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