Insurance Law of the People's Republic of China (Revised in 2015)

Insurance Law of the People's Republic of China (Revised in 2015)
Insurance Law of the People's Republic of China (Revised in 2015) 

Order of the President of the People's Republic of China No. 26

April 24, 2015

(Adopted at the 14th meeting of the Standing Committee of the Eighth National People's Congress on June 30, 1995; amended at the 30th meeting of the Standing Committee of the Ninth National People's Congress on October 28, 2002 in accordance with the Decision on Amending the Insurance Law of the People's Republic of China; revised at the 7th meeting of the Standing Committee of the 11th National People's Congress on February 28, 2009; revised according to the
Decisions of the Standing Committee of the National People's Congress on Revising the Insurance Law of the People's Republic of China and Four Other Laws on August 31, 2014; and revised according to the Decision of the Standing Committee of the National People's Congress on Revising Five Laws Including the Metrology Law of the People's Republic of China on April 24, 2015)

Contents
Chapter I General Provisions
Chapter II Insurance Contracts
Section 1 General Rules
Section 2 Contract of Insurance of the Person
Section 3 Contract of Property Insurance
Chapter III Insurance Company
Chapter IV Rules Governing Insurance Business
Chapter V Insurance Agents and Brokers
Chapter VI Supervision and Administration of the Insurance Industry
Chapter VII Legal Liability
Chapter VIII Supplementary Provisions


Chapter I General Provisions

Article 1 This law is enacted in order to regulate insurance activities, protect the legitimate rights and interests of parties involved in insurance activities, strengthen supervision and administration of the insurance industry, protect social and economic order and public interests, and promote the sound development of insurance business.

Article 2 The term "insurance" as mentioned in this law refers to a commercial insurance transaction whereby an insurance applicant, as contracted, pays insurance premiums to the insurer and the insurer bears an obligation to indemnify the insured for property loss or damage caused by a specific contingent accident that is agreed upon in the contract, or to pay the insurance benefits when the insured dies, is injured or disabled, suffers illness or reaches the age or time-limit agreed upon as set in the contract.
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