Our global specialists advise insurers, reinsurers, intermediaries, brokers and different financial providers companies in this sector on company insurance coverage, listings, M&A, regulatory matters, restructuring and insolvency, litigation, capital markets and employment. Article 90 When an insurance company ceases its business operations in accordance with regulation, its license to hold on insurance coverage enterprise shall be canceled. The insurance clauses and premium charges for different insured dangers shall be submitted to the insurance coverage supervision and control authority for the record.
The branch offices of an insurance company don’t possess the standing of a legal particular person; and their civil liability shall be borne by the insurance coverage firm. The insurance coverage supervision and management authority shall, nonetheless, have the authority to stop the insurance coverage company from developing new enterprise, or to droop part of its business, or to make adjustment in employment of its funds.
Article 65 When the applicant or the beneficiary has deliberately induced the demise, disability or sickness of the insured, the insurer shall bear no obligation to pay for the insurance. Article 15 Until in any other case stipulated in this Legislation or agreed in the insurance coverage contract, the applicant may rescind the contract after it is shaped.
Article 24 The insurer shall, after receipt of a claim for indemnity or for fee of the quantity insured from the insured or the beneficiary, determine the matter directly, and inform the insured or the beneficiary of the results of the willpower. Article 17 In concluding an insurance contract, the insurer shall explain the contract terms to the applicant and may inquire about the subject matter of the insurance or related circumstances in regards to the insured.