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SPC issued Interpretation III on Insurance Law
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Chinese
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Category：Legislative Updates
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Subject：Insurance
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Keywords：Supreme People's Court; Insurance Law; judicial interpretation
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Source：Pkulaw
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Publish Date：11-27-2015
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Recently, the Supreme People's Court issued the Interpretation III of the Supreme people's Court on Several Issues concerning the Application of Insurance Law of the People's Republic of China, which will come into force as of December 1, 2015.
The main contents of the Interpretation III covers the following six areas: (1) specifying the principle of proactive examining personal insurable interest to prevent moral risks; (2) providing detailed provisions on death coverage to encourage insurance transactions; (3) clarifying the provisions related to the obligations of physical examination and truthful disclosure to maintain good faith; (4) specifying conditions regarding reinstatement of insurance contracts to keep contracts valid; (5) regulating appointment and change of beneficiaries to protect the rights of beneficiaries; (6) regulating standard terms of medical insurance to balance considerations. Besides, the Interpretation III makes provisions on transfer of the right to claim for insurance payment, insurance payment as legacy of the insured, the presumption of death sequence in case of simultaneous death of beneficiary and insured, the determination of intentional crimes and so forth.
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