BIZCHINA / Finance
Insurance Law of the People's Republic of China
Updated: 2006-04-18 09:11
Article 144. Civil liability shall be borne for violations of the
stipulations of this law which cause harm to other persons.
Article 145. For persons who examine and approve applications for
establishing insurance companies that do not accord with the regulations
stipulated by this law, or examine and approve Insurance Agents and
Insurance Brokers who shall be subject to do not accord with the
stipulations, disciplinary actions; in serious cases, criminal liability
shall be prosecuted.
Article 146. If personnel in charge abuse their power for personal gains
and neglect duty in insurance supervision and management, shall bear
criminal liability or disciplinary actions if such actions do not
constitute a crime.
Chapter VIII Supplementary Provisions
Article 147. Maritime insurance applies to the relevant regulations in
Maritime Law, those not stipulated in Maritime Law apply to the relevant
regulations of this law.
Article 148. For the establishment of an insurance company with foreign
shareholders, or a branch company of foreign insurance company inside
China the regulations of this law shall apply, or other regulations
stipulated by laws and administrative documents where such are applicable.
Article 149. Insurance business serving agriculture production shall be
supported by the State. Agriculture insurance will be addressed later
pursuant to laws and administrative regulations.
Article 150. Regulations for other insurance organizations that are not
addressed in this law will be stipulated later pursuant to laws and
administrative regulations.
Article 151. Prior to the implementation of this law, insurance companies
approved pursuant to State Council regulations will be kept, of these
those do not completely accord with the conditions stipulated by this law
shall meet such conditions within a certain period. Specific measures
shall be stipulated by the State Council.
Article 152. This Law shall enter into force on October 1, 1995.
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