Our international specialists advise insurers, reinsurers, intermediaries, brokers and different financial services firms in this sector on corporate insurance, listings, M&A, regulatory issues, restructuring and insolvency, litigation, capital markets and employment. Double insurance coverage means such insurance coverage whereby an applicant enters into separate insurance coverage contracts with two or extra insurers on the same subject material of insurance, the identical insurable interests and the same insured occasion.
Article 111 Pursuant to the stipulations of the preceding article, within the occasion that an insurance company fails to appropriate the scenario within the prescribed interval, after it has been directed to take action by a decision of rectification of the insurance coverage supervision and control authority, the latter division shall then choose insurance professionals and designate relevant personnel from the insurance coverage company to form a rectification process drive to carry out the rectification work of the said insurance company.
Article fifty four If the age of the insured will not be accurately given by the applicant, and the actual age of the insured doesn’t fall within the age restrict specified by the contract, the insurer may terminate the contract and refund the premiums to the applicant after deducting service cost.
Article 104 The insurance supervision and management authority shall have the authority to restrict or prohibit insurance coverage corporations from handling outward reinsurance business with insurance firms located outdoors the territory of the Individuals’s Republic of China or from accepting inward reinsurance enterprise from outside the territory of the Folks’s Republic of China.
If an applicant negligently fails to carry out his obligation of making an trustworthy disclosure and this has a cloth impact on the incidence of an insured occasion, the insurer shall, in reference to the insured event which occurred prior to the rescission of the contract, bear no obligation for indemnification or cost of the insured quantity but could return the premiums paid.