The ICLG to: Insurance & Reinsurance Laws and Regulations covers common issues in insurance coverage and reinsurance laws and laws – together with regulatory authorities and procedures, (re)insurance coverage claims, litigation – overview, litigation – procedure and arbitration – in forty one jurisdictions. Article ninety five Insurance companies shall put aside a reserve fund for undetermined indemnities pursuant to claims already made or insurance coverage benefits paid, and to claims not yet made nor insurance coverage advantages paid subsequent to the occurrence of the insured occasion.
Article fifty eight Where the contract specifies payment of the premiums by installments and the applicant has paid the primary installment however fails to pay the current installment regardless of the lapse of over 60 days from the scheduled date of payment, the validity of the contract is suspended, or the insurer could, in accordance with the terms of the contract, cut back the insured quantity, until stipulated otherwise in the contract.
The applicant who meets the necessities of multinational stipulated in Article seventy one of this Law shall undergo the insurance supervision and management authority a proper accomplished form of software together with the following paperwork and material: (1) articles of Affiliation of the insurance firm; (2) a list of shareholders and their shares, or the traders and the amount of their investment; (three) a certificate of the credit score standing and relevant data of those shareholders holding 10% or more of the corporate’s shares; (four) a certificates verifying the paid-up capital issued by a statutory establishment; (5) resumes and proofs of qualification of proposed senior management personnel; (6) operation strategy and marketing strategy; (7) details of enterprise premises and different amenities related to the insurance coverage enterprise; and (8) other paperwork and materials requested by the insurance coverage supervision and control authority.
Article 106 An insurance company and its workers shall not commit any of the following acts of their business activities: (1) deceiving the applicant, the insured or the beneficiary; (2) concealing from the applicant materials information relevant to the insurance contract; (three) stopping the applicant from fulfilling his obligation of creating a full and accurate disclosure as offered for on this Regulation or inducing him not to fulfill such obligation; (four) promising the applicant, the insured or the beneficiary to offer them premium rebates or different advantages which aren’t specified within the insurance contract; or (5) settling a false claim by purposely making up an insured occasion that by no means happens, to acquire insured amount by fraudulent means.
In the occasion that the insurer terminates the contract, the insurer shall notify the applicant 15 days upfront of such termination and refund to the applicant the premium for the portion of the subject material of insurance which is not misplaced or broken after deducting the earned premium for the subject material of the insurance which isn’t misplaced or broken from the date of the graduation of the insurance coverage liability to the date of termination of the contract.