Common guidelines to facilitate the actions of insurance coverage firms throughout the EU, ensure that they will survive in tough times, and shield policyholders. Article 7 Any authorized persons or other organizations throughout the territory of the People’s Republic of China that need insurance coverage within the Individuals’s Republic of China shall for the purpose thereof apply to insurance corporations established inside the territory of the Individuals’s Republic of China.
Article 64 In the event of the dying of the insured, the amount of insurance coverage shall be treated as the deceased state, and the insurer shall, in any of the next circumstances, be obligated to pay insurance coverage benefits to the authorized heirs of the insured: (1) the place there isn’t a designated beneficiary; (2) where the beneficiary dies earlier than the insured with out different beneficiary being designated; or (3) the place the beneficiary forfeits or surrenders his rights as such in accordance with regulation without any other beneficiary.
Article 122 Insurance coverage companies shall see to it that matters of insurance coverage business are in truth recorded in the business experiences, financial and accounting reviews, actuarial experiences and different related statements, paperwork and supplies and that there are no false records, deceptive statements or main omissions.
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