An insurance company or one among its personnel members that prevents the applicant from fulfilling his obligation of creating an entire and exact disclosure, or induces the applicant not to meet his obligation of creating an entire and accurate disclosure, or guarantees to give unlawful quality rebates or other Gains to the applicant, the insured or maybe the beneficiary, which constitutes against the law, shall be investigated for prison duty in accordance with regulation; In the event the violation isn't severe plenty of to constitute a crime, the insurance firm shall be instructed because of the insurance supervision and control authority to make rectification and shall be fined not below 50,000 yuan although not greater than three hundred,000 yuan; the staff member who violates the legislation shall be fined not lower than 20,000 yuan but not greater than a hundred,000 yuan; and In the event the situation are major, limits shall be imposed about the enterprise scope in the insurance company or the company shall be instructed to stop accepting new insurance business enterprise.
Article 54      Should the age in the insured is not really properly specified with the applicant, and the actual age with the insured would not drop throughout the age Restrict specified through the deal, the insurance provider may possibly terminate the contract and refund the premiums to the applicant right after deducting company charge. Even so, this doesn't utilize to situations exactly where formation on the agreement has become above two yrs.
It took a few years for this to come about having said that, because of the deficiency of cash. The British Overall economy was in disaster and there wasn't A great deal backing from congress to go The brand new arrangement.[citation essential]
Write-up 36Â Â Â Â Â Â The insured shall observe all controls from the Condition pertaining to these types of parts as hearth avoidance, basic safety, generation functions and labour security, to be sure safety of the subject material of insurance.
Article 58Â Â Â Â Â Â The place the agreement specifies payment with the rates by installments as well as the applicant has click here paid out the initial installment but fails to pay for the current installment Regardless of the lapse of over sixty days from your scheduled day of payment, the validity on the agreement is suspended, or perhaps the insurance provider may well, in accordance Using the conditions with the contract, decrease the insured quantity, unless stipulated if not within the contract.
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Posting 16 Unless if not stipulated With this Legislation or agreed inside the insurance contract, the insurance company may not rescind the deal right after it can be fashioned.
Write-up 35      A cargo insurance deal or an insurance agreement for your carrier’s voyage shall not be terminated from the get-togethers thereto subsequent towards the commencement of insurance legal responsibility.
Short article 113Â Â Â Â Â In the course of the rectification, the prevailing business enterprise in the insurance enterprise could possibly be ongoing. The insurance supervision and Handle authority shall, on the other hand, hold the authority to halt the insurance organization from establishing new organization, or to suspend Element of its business, or to produce adjustment in employment of its resources.
Post 79Â Â Â Â Â Â Upon its institution, an insurance company shall deposit twenty% of its overall registered capital by using a financial institution designated because of the insurance supervision and Command authority as warranty fund; this guarantee fund shall not be utilized apart from repayment of debts when the business is liquidated.
 The insurance company shall appropriately pay out the harmony soon after the amount of indemnity or on the payment of insurance Added benefits is last but not least established.
Article sixty      The insurance provider shall not vacation resort to legal proceedings to desire payment because of the applicant on the premiums in respect of insurance of the individual.
Write-up 100     The legal responsibility borne by an insurance corporation for each chance unit, that's, the legal responsibility of an insurance organization Which may come up from the maximum decline or hurt because of the incidence of an individual insured occasion, shall not exceed 10% from the put together complete of its paid out-up funds and its accrued fund. Reinsurance shall be arranged for your portion in excess of the sum.
Report 70Â Â Â Â Â Â An insurance organization shall just take either of the subsequent varieties for its Group: