Directors And Officers Legal responsibility Insurance

insurance lawOur insurance coverage protection attorneys counsel insurers and people who face questions about insurance coverage protection regarding householders, automobile, well being, professional legal responsibility and other insurance coverage insurance policies. The insurance coverage supervision and management authority may adjust the quantity of the minimal registered capital, in accordance with the proposed scope of enterprise and scale of operations; however, the minimal capital shall not be less than that stipulated in the first paragraph of this Article.

Article 126 An insurance coverage broker is an entity that, in the interest of the applicant, provides intermediary services between the applicant and the insurer for the conclusion of an insurance coverage contract and receives a commission therefor in accordance with regulation.

Article 107 The insurance clauses and premium rates for risks insured which have a bearing on the pursuits of the general public, for risks that are compulsorily insured in accordance with regulation, and for the newly developed life insurance shall be submitted to the insurance supervision and control authority for examination and approval.

The insurer shall bear all obligatory and cheap bills incurred by the insured after the incidence of the insured event in taking measures to forestall or mitigate loss or injury of the subject material of the insurance coverage; the amount of such bills borne by the insurer shall be calculated separately from the indemnity for the loss of the subject matter of the insurance and it shall not exceed the sum insured in the maximum.

In the event that the applicant has wrongly given the age of the insured, thus causing him to underpay the premiums, the insurer shall have the fitting to rectify the error and demand the applicant to pay the balance, or when paying insurance coverage advantages, cut back the cost within the proportion which the quantity of premiums really paid bears to the quantity that ought to have been paid.