Our insurance coverage coverage attorneys counsel insurers and individuals who face questions on insurance protection concerning owners, vehicle, health, professional liability and different insurance coverage policies. If the applicant requests termination of the contract subsequent to commencement of insurance legal responsibility, the insurer might retain the premiums for the interval from commencement of insurance coverage liability to the date of termination of the contract, and shall refund the balance of the premiums to the applicant.
Article 43 In the occasion of partial loss of the subject material of insurance, the applicant might terminate the contract inside 30 days after indemnification by the insurer; unless specified otherwise within the insurance coverage contract, the insurer may terminate the contract.
Article 108 The insurance coverage supervision and control authority shall establish a sound indicator system for supervision and management over the solvency of insurance firms, so as to train supervision and management over the minimum solvency of the businesses.
Article a hundred twenty five An insurance coverage agent is an entity or person who has been licensed by an insurer to transact insurance business on its behalf inside the scope of authorization and will get in return agent’s handling fees to be collected from the insurer.
In the event that the applicant or the insured fails to satisfy his contractual obligations to ensure the protection of the subject matter of insurance coverage, the insurer has the proper to ask for a rise within the premium or to terminate the contract.