Open Entry Articles

Aug 6, 2020 Insurance Law

insurance lawInsurance coverage is the apply of hedging against monetary threat; the practice and its fallout require lots of authorized work. However, the insurer shall, as regards the insurance premiums already paid by the applicant, return the cash value thereof in accordance with the insurance coverage coverage. Until specified in any other case in the contract, the insurers involved shall undertake their respective obligation for indemnity within the proportion, which the sum insured by each of them bears to the total amount of the sum insured.

Article 86 An insurance firm shall be eliminated in line with regulation in the event that its insurance license is revoked by the insurance supervision and control authority because of its violation of legislation, or administrative guidelines and regulations.

The insurance supervision and management authority may modify the quantity of the minimum registered capital, in accordance with the proposed scope of business and scale of operations; however, the minimum capital shall not be less than that stipulated within the first paragraph of this Article.

Article 125 An insurance agent is an entity or person that has been approved by an insurer to transact insurance coverage business on its behalf within the scope of authorization and will get in return agent’s dealing with charges to be collected from the insurer.