A clearer road for insurers
April 16, 2009 | BY
clpstaff &clp articlesChina's revised insurance law clarifies many important details for insurance companies and gives more power to the regulator to deal with errant foreign institutions. By Chen Xin and Maarten Roos, Wang Jing & Co Shanghai Office.
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China's insurance law (中华人民共和国保险法) has been amended to introduce new provisions on insurance business in China, new rules for insurers, the insured and beneficiaries when dealing with insurance contracts and claims, and renewed guidelines to help the insurance regulator deal with transgressions. There have been important changes relating to the establishment and management of insurance companies, and new burdens have been imposed on insurers who are dealing with property insurance contracts.
Insurance Companies