People's Republic of China Insurance Act
Chapter I: General Provisions
Article 1 This Law is enacted for the purpose of regulating insurance activities, protecting the legitimate rights and interests of the parties involved in insurance activities, strengthening the supervision and management of the insurance industry, and promoting the healthy development of the insurance industry.
Article 2 The term "insurance" as used in this Law refers to the commercial insurance behavior in which the insured pays insurance premiums to the insurer in accordance with the contract, and the insurer bears the responsibility to compensate for the property losses caused by the occurrence of an accident that may occur as agreed in the contract, or bears the responsibility to pay the insurance money when the insured dies, is disabled, becomes ill, or reaches the age and time limit agreed in the contract.
Article 3 This Law shall apply to insurance activities within the territory of the People's Republic of China.
Article 4 Engaging in insurance activities must comply with laws and administrative regulations, respect social morality, and follow the principle of voluntariness.
Article 5 The parties to insurance activities shall follow the principle of good faith in exercising their rights and performing their obligations.
Article 6 To engage in commercial insurance business, it must be an insurance company established in accordance with this Law. Other units and individuals are not allowed to engage in commercial insurance business.
Article 7 Where legal persons and other organizations within the territory of the People's Republic of China need to apply for domestic insurance, they shall apply for insurance from insurance companies within the territory of the People's Republic of China.
Article 8 An insurance company shall follow the principle of fair competition in carrying out its business and shall not engage in unfair competition.
Article 9 The insurance regulatory authority under the State Council shall be responsible for the supervision and administration of the insurance industry in accordance with this Law.
Chapter II Insurance Contracts
Section 1: Ordinary Provisions
Article 10 An insurance contract is an agreement between the policyholder and the insurer on the relationship of insurance rights and obligations.
The policyholder refers to the person who has entered into an insurance contract with the insurer and has the obligation to pay the insurance premium in accordance with the insurance contract.
An insurer refers to an insurance company that enters into an insurance contract with the policyholder and bears the responsibility of indemnifying or paying insurance money.
Article 11 The conclusion of an insurance contract between the policyholder and the insurer shall follow the principles of fairness and mutual benefit, consensus and voluntariness, and shall not harm the public interest.
Except where laws and administrative regulations stipulate that insurance is required, insurance companies and other units shall not compel others to conclude insurance contracts.
Article 12 The insured shall have an insurable interest in the subject matter of the insurance.
If the policyholder does not have an insurance interest in the subject matter of the insurance, the insurance contract shall be invalid.
Insurance interest refers to the legally recognized interest of the policyholder in the subject matter of insurance.
The subject matter of insurance refers to the property and its related interests or the life and body of a person as the object of insurance.
Article 13 The insurance contract shall be established when the policyholder makes an insurance request, and the insurer agrees to underwrite the insurance and reaches an agreement on the terms of the contract. The insurer shall issue an insurance policy or other insurance certificate to the policyholder in a timely manner, and specify the contents of the contract agreed upon by the parties in the insurance policy or other insurance certificate.
With the agreement of the policyholder and the insurer through consultation, the insurance contract may also be concluded in the form of a written agreement other than that provided for in the preceding paragraph.
Article 14 After the insurance contract is established, the policyholder shall pay the insurance premium in accordance with the agreement; The insurer begins to assume the insurance liability according to the agreed time.
Article 15 Except as otherwise provided in this Law or otherwise agreed in the insurance contract, the insured may terminate the insurance contract after the insurance contract is established.
Article 16 Except as otherwise provided in this Law or otherwise agreed in the insurance contract, the insurer shall not terminate the insurance contract after the insurance contract is concluded.
Article 17 When concluding an insurance contract, the insurer shall explain the terms and contents of the insurance contract to the policyholder, and may make inquiries about the subject matter of the insurance or the relevant circumstances of the insured, and the policyholder shall truthfully inform the policyholder.
If the policyholder deliberately conceals the facts, fails to perform the obligation of truthful disclosure, or fails to perform the obligation of truthful disclosure due to negligence, which is sufficient to affect the insurer's decision on whether to agree to underwrite or increase the insurance rate, the insurer has the right to terminate the insurance contract.
If the policyholder deliberately fails to perform the obligation to truthfully inform, the insurer shall not be liable for compensation or payment of insurance money for the insured accident that occurred before the termination of the insurance contract, and shall not refund the insurance premium.
If the insured fails to perform the obligation of truthful notification due to negligence, which has a serious impact on the occurrence of the insured accident, the insurer shall not be liable for compensation or payment of insurance money for the insured accident that occurred before the termination of the insurance contract, but may refund the insurance premium.
An insured accident refers to an accident within the scope of insurance liability as agreed in the insurance contract.
Article 18 Where the insurance contract stipulates a clause on the exemption of the insurer's liability, the insurer shall clearly explain to the policyholder when concluding the insurance contract.
Article 19 The insurance contract shall include the following matters:
(1) The name and address of the insurer;
(2) the name and domicile of the policyholder and the insured, as well as the name and domicile of the beneficiary of the life insurance;
(3) the subject matter of insurance;
(4) Insurance liability and exemption from liability;
(5) The insurance period and the time when the insurance liability begins;
(6) the value of insurance;
(7) The amount insured;
(8) Insurance premiums and payment methods;
(9) Methods for compensation or payment of insurance money;
(10) Liability for breach of contract and dispute resolution;
(11) The year, month and day on which the contract was concluded.
Article 20 In addition to the insurance contract items specified in the preceding article, the policyholder and the insurer may make agreements on other matters related to insurance.
Article 21 During the validity period of the insurance contract, the policyholder and the insurer may, after consultation and agreement, change the relevant contents of the insurance contract.
In the event of an amendment to an insurance contract, the insurer shall make an endorsement or attach an endorsement to the original insurance policy or other insurance certificates, or the policyholder and the insurer shall enter into a written agreement on the modification.
Article 22 The policyholder, the insured or the beneficiary shall notify the insurer in a timely manner after learning of the occurrence of the insured event.
The insured refers to the person whose property or person is protected by the insurance contract and has the right to claim the insurance money, and the policyholder can be the insured.
The beneficiary refers to the person designated by the insured or the policyholder in the life insurance contract to have the right to claim the insurance money, and the policyholder and the insured can be the beneficiary.
Article 23 After the occurrence of an insured event, when the insurer is requested to compensate or pay insurance money in accordance with the insurance contract, the policyholder, the insured or the beneficiary shall provide the insurer with the relevant proofs and materials that it can provide to confirm the nature, cause and extent of loss of the insured accident.
If the insurer finds that the relevant certificates and materials are incomplete in accordance with the provisions of the insurance contract, it shall notify the policyholder, the insured or the beneficiary to provide additional relevant certificates and materials.
Article 24 After receiving a request for compensation or payment of insurance money from the insured or beneficiary, the insurer shall make an assessment in a timely manner and notify the insured or beneficiary of the verification result; For those who are liable for insurance, the obligation to compensate or pay insurance money shall be fulfilled within 10 days after reaching an agreement with the insured or beneficiary on compensation or payment of the insured amount. If the insurance contract stipulates the insured amount and the period of compensation or payment, the insurer shall perform the obligation of compensation or payment of insurance money in accordance with the agreement of the insurance contract.
If the insurer fails to perform the obligations provided for in the preceding paragraph in a timely manner, it shall compensate the insured or beneficiary for the losses suffered thereby, in addition to paying the insurance money.
No unit or individual may illegally interfere with the insurer's performance of the insurer's obligation to compensate or pay insurance money, nor may it restrict the insured or beneficiary's right to obtain insurance money.
The insured amount refers to the maximum amount of the insurer's liability to compensate or pay the insurance money.
Article 25 After receiving a request for compensation or payment of insurance money from the insured or beneficiary, the insurer shall issue a notice of refusal to compensate or refuse to pay insurance money to the insured or beneficiary if it is not an insurance liability.
Article 26 Where the amount of compensation or insurance money cannot be determined within 60 days from the date on which the insurer receives the request for compensation or payment of insurance money and the relevant certificates and materials, it shall pay the minimum amount that can be determined according to the existing proof and materials; After the insurer finally determines the amount of compensation or insurance money to be paid, it shall pay the corresponding difference.
Article 27 The right of the insured or beneficiary of insurance other than life insurance to claim compensation or payment of insurance money to the insurer shall be extinguished if it is not exercised within two years from the date on which the insured becomes aware of the occurrence of the insured event.
The right of the insured or beneficiary of life insurance to request payment of insurance money from the insurer shall be extinguished if it is not exercised for five years from the date on which it becomes aware of the occurrence of the insured event.
Article 28 Where the insured or beneficiary falsely claims that an insured accident has occurred and requests the insurer for compensation or payment of insurance money without the occurrence of an insured accident, the insurer shall have the right to terminate the insurance contract and not refund the insurance premium.
If the policyholder, the insured or the beneficiary intentionally causes an insured accident, the insurer shall have the right to terminate the insurance contract and shall not be liable for compensation or payment of insurance money, and shall not refund the insurance premium, except as otherwise provided in the first paragraph of Article 65 of this Law.
If, after the occurrence of an insured event, the policyholder, the insured or the beneficiary fabricates a false cause of the accident or exaggerates the extent of the loss by forging or altering the relevant certificates, materials or other evidence, the insurer shall not be liable for compensation or payment of insurance money for the part falsely stated.
Where the policyholder, the insured or the beneficiary commits any of the acts listed in the preceding three paragraphs, causing the insurer to pay insurance money or expenses, it shall be returned or compensated.
Article 29 Where an insurer partially transfers the insurance business it undertakes to other insurers in the form of reinsurance, it shall be regarded as reinsurance.
At the request of the reinsurance recipient, the reinsurance cedant shall inform the reinsurance recipient of its own responsibility and the relevant circumstances of the original insurance.
Article 30 The reinsurance recipient shall not demand the payment of insurance premiums from the policyholder of the original insurance.
The insured or beneficiary of the original insurance shall not make a request for compensation or payment of insurance benefits to the reinsurance recipient.
A reinsurance cedant shall not refuse to perform or delay the performance of its original insurance liability on the ground that the reinsurance recipient has not fulfilled its reinsurance liability.
Article 31 In the event of a dispute between the insurer and the policyholder, the insured or the beneficiary over the terms of the insurance contract, the people's court or arbitration organ shall interpret it in favor of the insured and the beneficiary.
Article 32 The insurer or reinsurance recipient shall have the obligation to keep confidential the business and property information and personal privacy of the policyholder, insured, beneficiary or reinsurance cedant that he or she knows in the course of handling insurance business.
Section 2: Property Insurance Contracts
Article 33 A property insurance contract is an insurance contract in which property and its related interests are the subject matter of insurance.
Property insurance contracts in this section are referred to as contracts unless otherwise specified.
Article 34 The insurer shall be notified of the transfer of the subject matter of insurance, and the contract shall be modified in accordance with law after the insurer agrees to continue the underwriting. However, there is an exception to the contract of insurance for the carriage of goods and contracts as otherwise agreed.
Article 35 In the case of an insurance contract for the carriage of goods and a contract for the voyage of a means of transport, the parties to the contract shall not terminate the contract after the commencement of the insurance liability.
Article 36 The insured shall abide by the relevant national regulations on fire protection, safety, production and operation, labor protection, etc., and maintain the safety of the subject matter of insurance.
According to the contract, the insurer may inspect the safety status of the insurance subject and promptly submit written suggestions to the policyholder and the insured to eliminate unsafe factors and hidden dangers.
If the policyholder or the insured fails to perform its responsibilities for the safety of the insured subject matter as agreed, the insurer has the right to request an increase in the insurance premium or terminate the contract.
In order to maintain the safety of the subject matter of insurance, the insurer may take safety precautions with the consent of the insured.
Article 37 If the degree of risk of the subject matter of insurance increases during the validity period of the contract, the insured shall notify the insurer in a timely manner in accordance with the contract, and the insurer has the right to request an increase in the insurance premium or terminate the contract.
If the insured fails to perform the notification obligation provided for in the preceding paragraph, the insurer shall not be liable for compensation for the insured accident that occurs due to the increase in the degree of danger of the insured object.
Article 38 In any of the following circumstances, unless otherwise agreed in the contract, the insurer shall reduce the insurance premium and refund the corresponding insurance premium on a daily basis:
(1) Changes in the relevant circumstances on which the insurance rates are determined, and the degree of danger of the subject matter of insurance is significantly reduced;
(2) The insured value of the subject matter of insurance has been significantly reduced.
Article 39 If the policyholder requests to terminate the contract before the commencement of the insurance liability, it shall pay a handling fee to the insurer, and the insurer shall refund the insurance premium. If the policyholder requests to terminate the contract after the commencement of the insurance liability, the insurer may collect the insurance premium for the period from the date of commencement of the insurance liability to the date of termination of the contract, and refund the remaining part to the policyholder.
Article 40 The insured value of the subject matter of insurance may be agreed upon by the policyholder and the insurer and stated in the contract, or may be determined according to the actual value of the subject matter of insurance at the time of the occurrence of the insured event.
The insured amount must not exceed the insured value; If the insured value is exceeded, the excess part shall be invalid.
If the insured amount is lower than the insured value, the insurer shall be liable for compensation in accordance with the proportion of the insured amount to the insured value, unless otherwise agreed in the contract.
Article 41 The policyholder of duplicate insurance shall notify the insurers of the relevant circumstances of the duplicate insurance.
If the sum insured amount of duplicate insurance exceeds the insured value, the sum of the compensation amount of each insurer shall not exceed the insured value. Unless otherwise agreed in the contract, each insurer shall be liable for compensation in accordance with the proportion of its insured amount to the sum insured amount.
Duplicate insurance refers to the insurance in which the policyholder enters into an insurance contract with two or more insurers for the same insurance subject, the same insurance interest, and the same insured event.
Article 42 When an insured event occurs, the insured shall be responsible for taking the necessary measures to prevent or reduce the loss.
After the occurrence of an insured event, the insurer shall bear the necessary and reasonable expenses paid by the insured to prevent or reduce the loss of the insured object; The amount borne by the insurer shall be calculated separately from the amount of compensation for the loss of the subject matter of the insurance, and shall not exceed the amount of the insured amount.
Article 43 Where a part of the subject matter of insurance is lost, the insured may terminate the contract within 30 days after the insurer compensates for the damages; The insurer may also terminate the contract unless the contract stipulates that the contract shall not be terminated. If the insurer terminates the contract, it shall notify the policyholder 15 days in advance and refund to the policyholder the premium for the unlost part of the subject matter of the insurance after deducting the part receivable for the period from the date of commencement of the insurance liability to the date of termination of the contract.
Article 44 If, after the occurrence of an insured event, the insurer has paid all the insured amount, and the insured amount is equal to the insured value, all the rights to the damaged insured object shall belong to the insurer; If the insured amount is lower than the insured value, the insurer shall obtain part of the rights of the damaged insurance subject matter in accordance with the ratio of the insured amount to the insured value.
Article 45 Where an insured accident is caused by a third party's damage to the subject matter of insurance, the insurer shall subrogate the insured's right to claim compensation from the third party within the scope of the compensation amount from the date of compensation to the insured.
If the insured has already received compensation for damages from a third party after the occurrence of an insured event provided for in the preceding paragraph, the insurer may deduct the amount of compensation already obtained by the insured from the third party when compensating the insurance money.
The insurer's exercise of the right to claim compensation by subrogation in accordance with paragraph 1 does not affect the insured's right to claim compensation from a third party for the part for which compensation has not been obtained.
Article 46 Where the insured waives the right to claim compensation from a third party after the occurrence of an insured accident but before the insurer compensates the insurance money, the insurer shall not be liable for compensation of the insurance money.
If, after the insurer has compensated the insured, the insured waives the right to claim compensation from a third party without the consent of the insurer, the act shall be invalid.
If the insurer is unable to exercise the right to claim compensation by subrogation due to the fault of the insured, the insurer may deduct the insurance compensation accordingly.
Article 47 The insurer shall not exercise the right of subrogation to claim compensation against the family members of the insured or its constituent members, except for the insured family members or their constituent members who intentionally cause the insured accident as provided for in the first paragraph of Article 45 of this Law.
Article 48 When the insurer exercises the right of subrogation to claim compensation from a third party, the insured shall provide the insurer with the necessary documents and relevant information known to the insurer.
Article 49 The insurer shall bear the necessary and reasonable expenses paid by the insurer and the insured to ascertain and determine the nature and cause of the insured accident and the extent of the loss of the insured subject.
Article 50 The insurer may, in accordance with the provisions of the law or the provisions of the contract, directly compensate the third party for the damage caused to a third party by the insured of the liability insurance.
Liability insurance refers to insurance that takes the insured's liability for compensation to a third party as the subject matter of insurance.
Article 51 Where the insured of liability insurance is subject to arbitration or litigation due to an insured accident that causes damage to a third party, the insurer shall bear the arbitration or litigation costs and other necessary and reasonable expenses paid by the insured, unless otherwise agreed in the contract.
Section 3: Life Insurance Contracts
Article 52 A life insurance contract is an insurance contract in which a person's life span and body are the subject matter of insurance.
The life insurance contract in this section is referred to as the contract unless otherwise specified.
Article 53 The insured shall have an insurance interest in the following persons:
(1) Himself;
(2) Spouses, children, and parents;
(3) Other family members and close relatives who have a relationship of support, support or support with the insured person other than those mentioned in the preceding paragraph.
In addition to the provisions of the preceding paragraph, if the insured agrees that the policyholder concludes a contract for him, the policyholder shall be deemed to have an insurance interest in the insured.
Article 54 If the age of the insured declared by the policyholder is not true, and the real age does not meet the age limit agreed in the contract, the insurer may terminate the contract and refund the insurance premium to the policyholder after deducting the handling fee, except for more than two years from the date of the conclusion of the contract.
If the age of the insured declared by the policyholder is not true, resulting in the insurance premium paid by the policyholder being less than the insurance premium payable, the insurer has the right to correct and require the policyholder to pay the insurance premium, or pay the insurance premium in accordance with the ratio of the actual insurance premium paid to the insurance premium payable when paying the insurance premium.
If the age of the insured declared by the policyholder is not true, resulting in the policyholder actually paying more insurance premiums than the insurance premiums payable, the insurer shall refund the overcharged insurance premiums to the policyholders.
Article 55 The insured shall not take out life insurance for a person who lacks capacity for civil conduct, and the insurer shall not underwrite the insurance with death as a condition for the payment of insurance benefits.
The life insurance taken out by parents for their minor children is not subject to the restrictions of the preceding paragraph, but the total amount of death benefit insurance shall not exceed the limit prescribed by the insurance regulatory authority.
Article 56 A contract in which death is a condition for the payment of insurance benefits shall be invalid without the written consent of the insured and the approval of the insured amount.
An insurance policy issued pursuant to a contract with death as a condition for the payment of insurance benefits may not be transferred or pledged without the written consent of the insured.
The life insurance taken out by parents for their minor children is not subject to the provisions of the first paragraph.
Article 57 After the conclusion of the contract, the policyholder may pay all the insurance premiums to the insurer at one time, or may pay the insurance premiums in installments in accordance with the contract.
If the contract stipulates that the insurance premium shall be paid in installments, the policyholder shall pay the first instalment of the insurance premium when the contract is concluded, and shall pay the insurance premium for the remaining periods on time.
Article 58 If the contract stipulates that the insurance premium shall be paid in installments, and after the insured has paid the first installment of the insurance premium, unless otherwise agreed in the contract, if the insured fails to pay the current insurance premium within 60 days beyond the prescribed time limit, the validity of the contract shall be suspended, or the insurer shall reduce the insurance amount in accordance with the conditions agreed in the contract.
Article 59 Where the validity of a contract is suspended in accordance with the provisions of the preceding article, the validity of the contract shall be restored after the insurer and the policyholder have negotiated and reached an agreement, and the policyholder has paid the insurance premium. However, if the parties fail to reach an agreement within two years from the date of suspension of the contract, the insurer has the right to terminate the contract.
If the insurer terminates the contract in accordance with the provisions of the preceding paragraph, and the insured has paid the insurance premiums for more than two years, the insurer shall refund the cash value of the insurance policy in accordance with the contract; If the policyholder fails to pay the insurance premium for two years, the insurer shall refund the insurance premium after deducting the handling fee.
Article 60 The insurer shall not require the insured to pay the insurance premiums for life insurance by means of litigation.
Article 61 The beneficiary of life insurance shall be designated by the insured or the policyholder.
The policyholder's designation of a beneficiary is subject to the consent of the insured.
If the insured is a person with no or limited capacity for civil conduct, his guardian may designate a beneficiary.
Article 62 The insured or the insured may designate one or more persons as the beneficiary.
If there are several beneficiaries, the insured or the policyholder may determine the order and share of the benefits; If the beneficiary share is not determined, the beneficiary shall enjoy the beneficiary rights according to the equal share.
Article 63 The insured or the insured may change the beneficiary and notify the insurer in writing. After receiving the written notice of the change of beneficiary, the insurer shall make an endorsement on the insurance policy.
The policyholder's consent to change the beneficiary is subject to the insured's consent.
Article 64 After the death of the insured, in any of the following circumstances, the insurance money shall be regarded as the inheritance of the insured, and the insurer shall perform the obligation to pay the insurance money to the heirs of the insured:
(1) There is no designated beneficiary;
(2) The beneficiary dies before the insured and there is no other beneficiary;
(3) The beneficiary loses or renounces the right to benefit in accordance with law, and there is no other beneficiary.
Article 65 Where the insured or beneficiary intentionally causes the death, disability or illness of the insured, the insurer shall not be liable for the payment of insurance money. If the policyholder has paid the insurance premium for more than two years, the insurer shall refund the cash value of the insurance policy to the other beneficiaries with rights in accordance with the contract.
If the beneficiary intentionally causes the death or disability of the insured, or intentionally attempts to kill the insured, the beneficiary shall lose the right to benefit.
Article 66 In the event that the insured commits suicide in a contract where death is a condition for the payment of insurance money, the insurer shall not be liable to pay the insurance money except as provided in the second paragraph of this Article, but the insurer shall refund the cash value of the insurance premium paid by the insured in accordance with the insurance policy.
If the insured commits suicide after the expiration of two years from the date of the establishment of a contract with death as a condition for the payment of insurance benefits, the insurer may pay the insurance benefits in accordance with the contract.
Article 67 Where the insured intentionally commits a crime resulting in his or her own disability or death, the insurer shall not be liable to pay the insurance money. If the policyholder has paid the insurance premium for more than two years, the insurer shall refund the cash value in accordance with the insurance policy.
Article 68 Where an insured person of a life insurance has an insured accident such as death, disability or illness due to the act of a third party, the insurer shall not have the right to recover from the third party after paying the insurance money to the insured or beneficiary. However, the insured or beneficiary still has the right to claim compensation from a third party.
Article 69 If the insured terminates the contract and has paid the insurance premiums for more than two years, the insurer shall refund the cash value of the insurance policy within 30 days from the date of receipt of the notice of termination; If the insurance premium is not paid in full for two years, the insurer shall refund the insurance premium after deducting the handling fee in accordance with the contract.
Chapter III Insurance Companies
Article 70 An insurance company shall adopt the following organizational forms:
(1) Company limited by shares;
(2) Wholly state-owned companies.
Article 71 The establishment of an insurance company shall be subject to the approval of the insurance regulatory authority.
Article 72 The following conditions shall be met for the establishment of an insurance company:
(1) There is a charter that complies with the provisions of this Law and the Company Law;
(2) There is a minimum amount of registered capital in accordance with the provisions of this Law;
(3) Have senior management personnel with professional knowledge and business work experience;
(4) Have a sound organizational structure and management system;
(5) Have a business premises and other facilities related to business that meet the requirements.
When examining an application for establishment, the insurance regulatory authority shall take into account the needs of the development of the insurance industry and fair competition.
Article 73 The minimum registered capital of an insurance company shall be RMB 200 million.
The minimum amount of registered capital of an insurance company must be paid-in monetary capital.
The insurance regulatory authority may adjust the minimum amount of registered capital of an insurance company according to its business scope and business scale. provided, however, that it shall not be lower than the limit provided for in paragraph 1.
Article 74 An application for the establishment of an insurance company shall be submitted with the following documents and materials:
(1) An application for establishment, which shall clearly state the name, registered capital, business scope, etc. of the insurance company to be established;
(2) Feasibility study report;
(C) other documents and materials prescribed by the insurance regulatory authority.
Article 75 After the application for the establishment of an insurance company has passed the preliminary examination, the applicant shall prepare for the establishment of the insurance company in accordance with the provisions of this Law and the Company Law. If the conditions for establishment specified in Article 72 of this Law are met, the insurance regulatory authority shall submit a formal application form and the following relevant documents and materials:
(1) The articles of association of the insurance company;
(2) the register of shareholders and their shares or the contributors and their capital contributions;
(3) Shareholder credit certificates and relevant materials holding more than 10% of the company's shares;
(4) The capital verification certificate issued by the statutory capital verification agency;
(5) The resume and qualification certificate of the senior management personnel to be appointed;
(6) Business policies and plans;
(7) Information on business premises and other facilities related to business;
(8) Other documents and materials prescribed by the insurance regulatory authority.
Article 76 The insurance regulatory authority shall, within six months from the date of receipt of the formal application documents for the establishment of an insurance company, make a decision on approval or disapproval.
Article 77 An insurance company that has been approved for establishment shall be issued a license for operating insurance business by the approving department, and shall register with the administrative authority for industry and commerce on the basis of the license for operating insurance business and obtain a business license.
Article 78 Where an insurance company fails to register the establishment of a company without justifiable reasons within six months from the date of obtaining the insurance business license, its insurance business license shall automatically become invalid.
Article 79 After the establishment of an insurance company, it shall withdraw 20 percent of its total registered capital and deposit it in a bank designated by the insurance regulatory authority, and shall not use it except for the purpose of paying off debts when the insurance company is liquidated.
Article 80 An insurance company establishing branches within or outside the territory of the People's Republic of China shall obtain a license for the operation of insurance business with the approval of the insurance regulatory authority.
A branch of an insurance company does not have legal personality, and its civil liability is borne by the insurance company.
Article 81 The establishment of representative offices by insurance companies within or outside the territory of the People's Republic of China shall be subject to the approval of the insurance regulatory authority.
Article 82 Where an insurance company makes any of the following changes, it shall be subject to the approval of the insurance regulatory authority:
(1) Change the name;
(2) Change of registered capital;
(3) Changing the business premises of the company or branches;
(4) Adjusting the scope of operations;
(5) Separation or merger of companies;
(6) Amending the articles of association;
(7) Changing the investor or the shareholder holding more than 10% of the company's shares;
(8) Other changes stipulated by the insurance regulatory authority.
When an insurance company replaces the chairman of the board of directors or the general manager, it shall report to the insurance regulatory authority for examination of their qualifications.
Article 83 The provisions of the Company Law shall apply to the organizational structure of an insurance company.
Article 84 A wholly state-owned insurance company shall establish a board of supervisors. The board of supervisors is composed of representatives of the insurance regulatory authority, relevant experts and staff members of insurance companies, and supervises the withdrawal of reserves, minimum solvency and the preservation and appreciation of state-owned assets of wholly state-owned insurance companies, as well as the violations of laws, administrative regulations or articles of association by senior management personnel and acts that harm the interests of the company.
Article 85 An insurance company shall be dissolved upon approval by the insurance regulatory authority in the event of division, merger or dissolution due to the reasons specified in the articles of association. The insurance company shall establish a liquidation team in accordance with the law to carry out liquidation.
Insurance companies engaged in life insurance business shall not be dissolved except for division or merger.
Article 86 Where an insurance company violates laws and administrative regulations and is revoked by the insurance regulatory authority to operate insurance business, it shall be revoked in accordance with law. The insurance regulatory authority shall organize a liquidation group in a timely manner in accordance with the law to carry out liquidation.
Article 87 If an insurance company fails to pay its debts when due, the people's court shall declare it bankrupt with the consent of the insurance regulatory authority. If an insurance company is declared bankrupt, the people's court shall organize the insurance regulatory authority and other relevant departments and relevant personnel to set up a liquidation team to carry out liquidation.
Article 88 Where an insurance company engaged in life insurance business is revoked or declared bankrupt in accordance with law, the life insurance contracts and reserves held by it must be transferred to other insurance companies engaged in life insurance business; If it is not possible to reach an assignment agreement with other insurance companies, it shall be accepted by the insurance regulatory authority designated by the insurance regulatory authority to operate life insurance business.
Where the life insurance contract and reserve fund provided for in the preceding paragraph are transferred or designated by the insurance regulatory authority to be accepted, the lawful rights and interests of the insured and the beneficiary shall be safeguarded.
Article 89 Where an insurance company goes bankrupt in accordance with law, the bankruptcy estate shall pay off its bankruptcy expenses in priority and then pay off them in the following order:
(1) Wages and labor insurance fees owed to employees;
(2) Compensation or payment of insurance money;
(3) the tax owed;
(4) Paying off the company's debts.
If the bankruptcy estate is insufficient to pay off the claims in the same order, it shall be distributed proportionally.
Article 90 When an insurance company terminates its business activities in accordance with law, it shall cancel its insurance business license.
Article 91 Where this Law does not provide for the establishment, alteration, dissolution and liquidation of an insurance company, the provisions of the Company Law and other relevant laws and administrative regulations shall apply.
Chapter IV Rules for Insurance Operations
Article 92 The business scope of an insurance company:
(1) Property insurance business, including property loss insurance, liability insurance, credit insurance and other insurance business;
(2) Life insurance business, including life insurance, health insurance, accident insurance and other insurance business.
The same insurer shall not concurrently engage in property insurance business and life insurance business at the same time; However, insurance companies engaged in property insurance business may operate short-term health insurance business and accident insurance business with the approval of the insurance regulatory authority.
The business scope of an insurance company shall be approved by the insurance regulatory authority in accordance with law. Insurance companies can only engage in insurance business activities within the approved business scope.
Insurance companies shall not concurrently engage in business other than those provided for in this Law and other laws and administrative regulations.
Article 93 With the approval of the insurance regulatory authority, an insurance company may engage in the following reinsurance business as specified in the preceding article:
(1) Ceded insurance;
(2) Separate insurance.
Article 94 An insurance company shall, in accordance with the principle of protecting the interests of the insured and guaranteeing solvency, draw reserves for various liabilities.
The specific measures for the withdrawal and carry-over of liability reserves by insurance companies shall be formulated by the insurance regulatory authority.
Article 95 The insurance company shall draw the reserve fund for outstanding claims according to the amount of insurance compensation or payment that has been submitted, and the amount of insurance compensation or payment that has occurred but has not yet been submitted.
Article 96 In addition to withdrawing reserves in accordance with the provisions of the preceding two articles, an insurance company shall withdraw its provident fund in accordance with the provisions of the relevant laws, administrative regulations and the national financial accounting system.
Article 97 In order to protect the interests of the insured and support the steady operation of the insurance company, the insurance company shall, in accordance with the provisions of the insurance regulatory authority, deposit the insurance security fund.
The insurance security fund shall be centrally managed and used in a coordinated manner.
The specific measures for the management and use of the insurance security fund shall be formulated by the insurance regulatory authority.
Article 98 An insurance company shall have a minimum solvency commensurate with the scale of its business. The difference between the actual assets of the insurance company and the actual liabilities shall not be less than the amount prescribed by the insurance regulatory authority; If it is lower than the prescribed amount, the capital shall be increased to make up the difference.
Article 99 The self-retained insurance premiums of insurance companies engaged in property insurance business in the current year shall not exceed four times the sum of the actual capital plus the provident fund.
Article 100 The liability of an insurance company for each dangerous unit, i.e., the maximum loss that may be caused by an insured accident, shall not exceed 10 percent of the total amount of the actual capital plus the provident fund; The excess part shall be reinsured.
Article 101 An insurance company's calculation method and catastrophe risk arrangement plan for dangerous units shall be submitted to the insurance regulatory authority for approval.
Article 102 An insurance company shall handle reinsurance in accordance with the relevant provisions of the insurance regulatory authority.
Article 103 Where an insurance company needs to handle the reinsurance ceding business, it shall give priority to the insurance company in China.
Article 104 The insurance regulatory authority shall have the right to restrict or prohibit insurance companies from conducting reinsurance cedion business with insurance companies outside China or accepting reinsurance cedion business from outside China.
Article 105 An insurance company must use its funds prudently, follow the principle of safety, and ensure the preservation and appreciation of its assets.
The use of funds by insurance companies is limited to depositing funds in banks, buying and selling government bonds, financial bonds, and other forms of capital use prescribed by the State Council.
The funds of an insurance company shall not be used to establish a securities business institution, nor shall it be used to establish an enterprise other than the insurance industry.
The specific proportion of the funds used by the insurance company and the funds of specific projects to the total amount of funds shall be prescribed by the insurance regulatory authority.
Article 106 Insurance companies and their staff members shall not engage in any of the following acts in the course of insurance business activities:
(1) Deceiving the policyholder, the insured or the beneficiary;
(2) Concealing important information related to the insurance contract from the policyholder;
(3) Obstructing policyholders from performing their obligations to truthfully inform as provided for in this Law, or inducing them not to perform their obligations to truthfully inform as provided for in this Law;
(4) Undertaking to give the policyholder, the insured or the beneficiary a rebate of insurance premiums or other benefits other than those provided for in the insurance contract;
(5) Deliberately fabricating insurance accidents that have not occurred to make false claims and defrauding insurance money.
Chapter V Supervision and Management of the Insurance Industry
Article 107 The insurance terms and insurance rates of insurance related to the public interest, compulsory insurance in accordance with law, and newly developed life insurance shall be reported to the insurance regulatory authority for examination and approval. The insurance regulatory authority shall follow the principles of protecting the public interest and preventing unfair competition when examining and approving the law. The scope and specific measures for examination and approval shall be formulated by the insurance regulatory authority.
The insurance terms and insurance rates of other types of insurance shall be reported to the insurance regulatory authority for the record.
Article 108 The insurance regulatory authority shall establish and improve the solvency supervision index system of insurance companies and monitor the minimum solvency of insurance companies.
Article 109 The insurance regulatory authority shall have the right to inspect the business status, financial status and use of funds of the insurance company, and shall have the right to require the insurance company to provide relevant written reports and materials within the prescribed time limit.
Insurance companies are subject to supervision and inspection in accordance with the law.
The insurance regulatory authority has the right to inquire about the deposits of insurance companies in financial institutions.
Article 110 Where an insurance company fails to withdraw or carry forward various reserves in accordance with the provisions of this Law, or fails to handle reinsurance in accordance with the provisions of this Law, or seriously violates the provisions of this Law on the use of funds, the insurance regulatory authority shall order the insurance company to take the following measures to make corrections within a specified period of time:
(1) Withdrawing or carrying forward various reserves in accordance with law;
(2) Handling reinsurance in accordance with the law;
(3) Correcting the illegal use of funds;
(4) Adjust the person in charge and relevant management personnel.
Article 111 In accordance with the provisions of the preceding article, if the insurance company fails to make corrections within the time limit after the insurance regulatory authority has made a decision to make corrections within the time limit, the insurance regulatory authority shall decide to appoint insurance professionals and designate relevant personnel of the insurance company to form a rectification organization to rectify the insurance company.
The rectification decision shall clearly state the name of the insurance company to be rectified, the reason for the rectification, the organization for the rectification, and the time limit for the rectification, and shall make a public announcement.
Article 112 In the course of rectification, the rectification organization shall have the right to supervise the daily business of the insurance company. The person in charge of the insurance company and the relevant management personnel shall exercise their functions and powers under the supervision of the reorganization organization.
Article 113 In the course of rectification, the original business of an insurance company shall continue, but the insurance regulatory authority shall have the right to stop carrying out new business or stop part of the business and adjust the use of funds.
Article 114 Where an insurance company subject to rectification has corrected its conduct in violation of the provisions of this Law and resumed its normal business conditions after rectification, the rectification organization shall submit a report and the rectification shall be completed with the approval of the insurance regulatory authority.
Article 115 Where an insurance company violates the provisions of this Law and harms the public interest, which may seriously endanger or has endangered the solvency of the insurance company, the insurance regulatory authority may take over the insurance company.
The purpose of the receivership is to take necessary measures against the insurance company under receivership to protect the interests of the insured and restore the normal operation of the insurance company. The creditor-debtor relationship of the insurance company being taken over does not change as a result of the receivership.
Article 116 The composition of the takeover organization and the implementation measures for the takeover shall be decided by the insurance regulatory authority and shall be announced.
Article 117 Upon the expiration of the period of receivership, the insurance regulatory authority may decide to extend it, but the period of receivership shall not exceed two years at the longest.
Article 118 Where the period of takeover has expired and the insurance company under takeover has resumed its normal business capacity, the insurance regulatory authority may decide to terminate the takeover.
If the receivership organization believes that the assets of the insurance company being taken over are no longer sufficient to pay off the debts it bears, it shall, with the approval of the insurance regulatory authority, apply to the people's court for declaring the insurance company bankrupt in accordance with law.
Article 119 An insurance company shall, within three months after the end of each fiscal year, submit the business report, financial accounting report and relevant statements of the previous year to the insurance regulatory authority and publish them in accordance with law.
Article 120 An insurance company shall, before the end of each month, submit the business statistics of the previous month to the insurance regulatory authority.
Article 121 An insurance company must employ actuarial professionals recognized by the insurance regulatory authority and establish an actuarial reporting system.
Article 122 The business reports, financial accounting reports, actuarial reports and other relevant statements, documents and materials of an insurance company shall truthfully record the matters of insurance business, and shall not contain false records, misleading statements or material omissions.
Article 123 The insurer and the insured may hire an independent appraisal agency established in accordance with law or an expert with legal qualifications to conduct an assessment and appraisal of the insured accident.
Assessment institutions and experts who are lawfully hired to conduct assessments and appraisals of insured accidents shall perform their business fairly and in accordance with the law. If damage is caused to the insurer or the insured due to intentional or negligent intention, the insurer shall be liable for compensation in accordance with law.
The collection of fees by an appraisal agency that is lawfully engaged to conduct an assessment and appraisal of an insured accident shall be handled in accordance with the provisions of laws and administrative regulations.
Article 124 An insurance company shall properly keep the complete account books, original vouchers and relevant materials related to its business activities.
The period of custody of account books, original vouchers and relevant materials provided for in the preceding paragraph shall not be less than 10 years from the date of termination of the insurance contract.
Chapter VI Insurance Agents and Insurance Brokers
Article 125 An insurance agent is a unit or individual that, on the basis of the entrustment of the insurer, collects agency fees from the insurer and handles insurance business on behalf of the insurer within the scope authorized by the insurer.
Article 126 An insurance broker is a unit that, based on the interests of the policyholder, provides intermediary services for the policyholder and the insurer to conclude an insurance contract and collects commissions in accordance with the law.
Article 127 Where an insurer entrusts an insurance agent to handle insurance business on its behalf, it shall sign an agency agreement with the insurance agent to stipulate the rights and obligations of both parties and other agency matters in accordance with law.
Article 128 The insurer shall bear the responsibility for the act of an insurance agent handling insurance business on behalf of the insurer on behalf of the insurer under the authorization of the insurer.
If the insurance agent handles the insurance business on behalf of the insurer and exceeds the authority of the agent, and the policyholder has reason to believe that it has the right of agency and has concluded an insurance contract, the insurer shall bear the insurance liability; However, the insurer may pursue the liability of the insurance agent who exceeds his authority in accordance with the law.
Article 129 When an individual insurance agent handles life insurance business on his behalf, he or she shall not accept the entrustment of two or more insurers at the same time.
Article 130 Where an insurance broker causes losses to the policyholder or the insured due to the fault of the insurance broker in handling the insurance business, the insurance broker shall be liable for compensation.
Article 131 Insurance agents and insurance brokers shall not engage in the following acts in the course of handling insurance business activities:
(1) Defrauding the insurer, policyholder, insured or beneficiary;
(2) Concealing important information related to the insurance contract;
(3) Obstructing policyholders from performing their obligations to truthfully inform as provided for in this Law, or inducing them not to perform their obligations to truthfully inform as provided for in this Law;
(4) Undertaking to provide the policyholder, the insured or the beneficiary with benefits other than those provided for in the insurance contract;
(5) Using administrative power, position or professional convenience and other improper means to force, induce or restrict the insured to conclude an insurance contract.
Article 132 Insurance agents and insurance brokers shall meet the qualifications prescribed by the insurance regulatory authority, obtain the insurance agency business license or brokerage business license issued by the insurance regulatory authority, register with the administrative authority for industry and commerce, obtain a business license, and deposit a deposit or take out professional liability insurance.
Article 133 Insurance agents and insurance brokers shall have their own business premises, set up special account books to record the income and expenditure of insurance agency business or brokerage business, and accept the supervision of the insurance supervision and administration authority.
Article 134 The insurance agent fee and broker commission shall be paid only to the legally qualified insurance agent and insurance broker, and shall not be paid to other persons.
Article 135 An insurance company shall establish a register of insurance agents of the Company.
Article 136 Insurance companies shall strengthen the training and management of insurance agents, improve the professional ethics and professional quality of insurance agents, and shall not instigate or mislead insurance agents to carry out activities that violate their fiduciary obligations.
Article 137 The provisions of Articles 109 and 119 of this Law shall apply to insurance agents and insurance brokers.
Chapter VII: Legal Responsibility
Article 138 Where an insured, insured or beneficiary commits any of the following acts and commits insurance fraud, which constitutes a crime, criminal liability shall be pursued in accordance with law:
(1) The policyholder deliberately fabricates the subject matter of insurance and defrauds the insurance money;
(2) Falsely claiming that an insured accident has occurred without an insured accident and fraudulently obtaining insurance money;
(3) Intentionally causing an insured accident of property damage and fraudulently obtaining insurance money;
(4) Intentionally causing the insured's death, disability or illness or other personal insurance accident to obtain insurance money by fraud;
(5) Forging or altering certificates, materials and other evidence related to the insured accident, or instigating, instigating, or bribing others to provide false certificates, materials, or other evidence, fabricating false causes of the accident, or exaggerating the extent of losses, or fraudulently obtaining insurance money.
Where there is any of the conduct listed in the preceding paragraph, and the circumstances are minor and do not constitute a crime, administrative punishment is to be given in accordance with relevant state provisions.
Article 139 Where an insurance company or its staff conceals important information related to the insurance contract in the course of insurance business, deceives the policyholder, the insured or the beneficiary, or refuses to perform the obligation to compensate or pay insurance money as stipulated in the insurance contract, and it constitutes a crime, criminal responsibility shall be investigated in accordance with law; if it does not constitute a crime, the insurance regulatory authority shall impose a fine of not less than 50,000 yuan but not more than 300,000 yuan on the insurance company; For staff members who have violated the law, a fine of not less than 20,000 yuan but not more than 100,000 yuan shall be imposed; and where the circumstances are serious, the insurance company's business scope is restricted or ordered to stop accepting new business.
If an insurance company or its staff obstructs the policyholder's performance of the obligation to truthfully inform, or induces it not to perform the obligation to truthfully inform, or promises to give illegal insurance premium rebates or other benefits to the policyholder, the insured or the beneficiary, which constitutes a crime, criminal liability shall be investigated in accordance with law; if it does not constitute a crime, the insurance regulatory authority shall order it to make corrections and impose a fine of not less than 50,000 yuan but not more than 300,000 yuan on the insurance company; For staff members who have violated the law, a fine of not less than 20,000 yuan but not more than 100,000 yuan shall be imposed; and where the circumstances are serious, the insurance company's business scope is restricted or ordered to stop accepting new business.
Article 140 Where an insurance agent or insurance broker deceives the insurer, the policyholder, the insured or the beneficiary in the course of his business, and a crime is constituted, he shall be investigated for criminal responsibility in accordance with law; if it does not constitute a crime, the insurance regulatory authority shall order it to make corrections and impose a fine of not less than 50,000 yuan but not more than 300,000 yuan; If the circumstances are serious, revoke the license to operate insurance agency business or brokerage business license.
Article 141 Where an insurance company or its staff deliberately fabricates an insurance accident that has not occurred to make a false claim and fraudulently obtain insurance money, which constitutes a crime, criminal responsibility shall be investigated in accordance with law.
Article 142 Whoever violates the provisions of this Law by establishing an insurance company without authorization or illegally engaging in commercial insurance business activities shall be banned by the insurance regulatory authority; where a crime is constituted, criminal responsibility is pursued in accordance with law; If it does not constitute a crime, the insurance regulatory authority shall confiscate the illegal gains and impose a fine of not less than one time but not more than five times the amount of the illegal gains, and if there are no illegal gains or the illegal gains are less than 200,000 yuan, a fine of not less than 200,000 yuan but not more than 1 million yuan shall be imposed.
Article 143 Whoever violates the provisions of this Law by engaging in insurance business beyond the approved scope of business or concurrently engaging in business other than those provided for in this Law or other laws and administrative regulations, and a crime is constituted, criminal responsibility shall be pursued in accordance with law; if it does not constitute a crime, the insurance regulatory authority shall order it to make corrections, order it to return the insurance premiums collected, confiscate the illegal gains, and impose a fine of not less than one time but not more than five times the illegal gains; where there are no unlawful gains or the unlawful gains are less than 100,000 RMB, a fine of between 100,000 and 500,000 RMB is to be given; If the correction is not made within the time limit or serious consequences are caused, it shall be ordered to suspend business for rectification or revoke the license to operate insurance business.
Article 144 Whoever, in violation of the provisions of this Law, changes the name, articles of association, registered capital, business premises of the company or branch of an insurance company without approval, etc., shall be ordered by the insurance regulatory authority to make corrections and imposed a fine of not less than 10,000 yuan but not more than 100,000 yuan.
Article 145 Whoever commits any of the following acts in violation of the provisions of this Law shall be ordered by the insurance regulatory authority to make corrections and imposed a fine of not less than 50,000 yuan but not more than 300,000 yuan; where the circumstances are serious, the scope of business may be restricted, ordered to stop accepting new business, or the license to operate insurance business may be revoked:
(1) Failing to deposit or withdraw a security deposit in accordance with regulations or using a security deposit in violation of regulations;
(2) Failing to withdraw or carry forward the liability reserves or failing to withdraw the outstanding compensation reserves in accordance with the regulations;
(3) Failing to withdraw the insurance security fund or provident fund in accordance with the regulations;
(4) Failing to handle reinsurance ceding business in accordance with regulations;
(5) Using insurance company funds in violation of regulations;
(6) Establishing a branch or representative office without approval;
(7) Dividing or merging without approval;
(8) Failing to submit the insurance terms and insurance rates of the types of insurance that should be submitted for examination and approval in accordance with regulations.
Article 146 Anyone who commits any of the following acts in violation of the provisions of this Law shall be ordered by the insurance regulatory authority to make corrections, and if the corrections are not made within the time limit, a fine of not less than 10,000 yuan but not more than 100,000 yuan shall be imposed:
(1) Failure to submit relevant reports, statements, documents and materials in accordance with regulations;
(2) Failing to submit the insurance terms and insurance rates of the types of insurance that should be submitted for filing in accordance with regulations.
Article 147:Where the provisions of this Law are violated by any of the following conduct, which constitutes a crime, criminal responsibility is pursued in accordance with law; if it does not constitute a crime, the insurance regulatory authority shall order it to make corrections and impose a fine of not less than 100,000 yuan but not more than 500,000 yuan; where the circumstances are serious, the scope of business may be restricted, ordered to stop accepting new business, or the license to operate insurance business may be revoked:
(1) Providing false reports, statements, documents, and materials;
(2) Refusing or obstructing lawful inspection and oversight.
Article 148 Whoever commits any of the following acts in violation of the provisions of this Law shall be ordered by the insurance regulatory authority to make corrections and imposed a fine of not less than 50,000 yuan but not more than 300,000 yuan:
(1) Excessive underwriting, where the circumstances are serious;
(2) Underwriting insurance for persons without capacity for civil conduct with death as a condition for the payment of insurance benefits.
Article 149 In violation of the provisions of this Law, without obtaining an insurance agency business license or brokerage business license, illegally engaging in insurance agency business or brokerage business activities, the insurance regulatory authority shall ban it; where a crime is constituted, criminal responsibility is pursued in accordance with law; If it does not constitute a crime, the insurance regulatory authority shall confiscate the illegal gains and impose a fine of not less than one time but not more than five times the amount of the illegal gains, and if there are no illegal gains or the illegal gains are less than 100,000 yuan, a fine of not less than 100,000 yuan but not more than 500,000 yuan shall be imposed.
Article 150 The insurance regulatory authority may, in different circumstances, give a warning to the senior management personnel and other persons directly responsible for the conduct that violates the provisions of this Law and do not constitute a crime, order them to be replaced, and impose a fine of not less than 20,000 yuan but not more than 100,000 yuan.
Article 151:Where the provisions of this Law are violated by causing harm to others, civil liability shall be borne in accordance with law.
Article 152 Where an application for the establishment of an insurance company that does not meet the requirements of this Law is approved, or an application that does not meet the requirements of an insurance agent or insurance broker is approved, or where there is other conduct that constitutes a crime and constitutes a crime, criminal responsibility shall be pursued in accordance with law; If it does not constitute a crime, it shall be given an administrative sanction in accordance with law.
Chapter VIII Supplementary Provisions
Article 153 The relevant provisions of the Maritime Law shall apply to marine insurance; Where the Maritime Law does not provide for it, the relevant provisions of this Law shall apply.
Article 154 The provisions of this Law shall apply to Sino-foreign joint venture insurance companies, wholly foreign-owned insurance companies and branches of foreign insurance companies; Where laws and administrative regulations provide otherwise, apply those provisions.
Article 155: The State supports the development of insurance undertakings that serve agricultural production, and agricultural insurance shall be separately provided for by laws and administrative regulations.
Article 156 Insurance organizations of any nature other than those provided for in this Law shall be separately provided for by laws and administrative regulations.
Article 157 Where insurance companies established with approval in accordance with the provisions of the State Council before the implementation of this Law continue to be retained, and the conditions provided for in this Law are not fully met, the conditions provided for in this Law shall be met within the prescribed time limit. The specific measures shall be formulated by the State Council.
Article 158: This Law shall take effect on October 1, 1995.
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