insurance lawCommon guidelines to facilitate the actions of insurance corporations across the EU, make sure that they will survive in difficult occasions, and shield policyholders. Article 63 The insured or the applicant may change the beneficiary and notify the insurer of this in writing. Article 3 Insurance coverage activities carried out within the territory of the Individuals’s Republic of China shall be governed by this Law. Article 9 The insurance supervision and management authority below the State Council shall be liable for supervision and control of the insurance trade in accordance with this Regulation.

Article four Insurance actions shall be performed in compliance with laws and administrative rules and rules, with respect for public morality and on the principle of voluntary participation. Article 39 The place an applicant requests termination of the contract previous to graduation of insurance coverage legal responsibility, the applicant shall pay service costs to the insurer and the insurer shall then refund the premiums paid.

Article fifty three The applicant has insurance coverage curiosity within the following individuals: (1) the applicant himself; (2) the applicant’s partner, children and oldsters; or (3) apart from the above-mentioned, other members of the family and close kin bearing foster or assist or maintenance relationship with the applicant.

Nevertheless, the whole quantity of payments for death shall not exceed the limit prescribed by the insurance coverage supervision and control authority. Where the sum insured is lower than the insurable worth, the insurer shall bear obligation for indemnity pro rata of the sum insured to the insurable worth, unless otherwise stipulated within the contract.