A major part of Boxer Blake & Moore’s practice is the representation of insurance corporations and the defense of insured and self-insured parties in litigation. If an applicant deliberately fails to carry out his obligation of constructing an sincere disclosure, as regards the insured occasion, which happens prior to the rescission of the contract, the insurer shall bear no obligation for indemnification or payment of the insured quantity, or for returning the premiums paid.
The applicant, the insured or the beneficiary shall refund to, or indemnify the insurer for the purpose, funds of insurance coverage advantages or expenses incurred by the insurer due to the fee of any of the acts stipulated within the foregoing three paragraphs of this Article by the applicant, the insured or the beneficiary.
Article 28 The insurer is entitled to terminate the insurance coverage contract and not to refund the premiums if the insured or the beneficiary lies that an insured event has occurred, and submits a declare for indemnity or payment of insurance coverage benefits, though such insured event has not occurred.
Article eighty two Approval by the insurance coverage supervision and control authority is required for any of the following changes to an insurance coverage company: (1) change of the title of the insurance firm; (2) change within the amount of the registered capital; (3) change of enterprise premises of the company or its branch offices; (4) adjustment of the scope of enterprise; (5) division or merger of the corporate; (6) modification to its articles of affiliation; (7) change of investors or shareholders who maintain 10% or more of the corporate’s shares; or (eight) other adjustments as specified by the insurance supervision and control authority.