Liability insurance refers to an insurance the subject matter of the insurance of which is the insured's liability to indemnify a third party pursuant to laws.

An insurable interest refers to the interest which the applicant has in the subject matter of the insurance and is recognized by laws.

The subject matter of the insurance refers either to the property of the insured and related interests associated therewith, or to the life and the body of the insured, which is the object of the insurance.

An insurance contract is null and void if the applicant has no insurable interest in the subject matter of the insurance.

Subject matter of the insurance

a material reduction occurred in the insured value of the subject matter of the insurance.

the applicant deliberately falsifying the subject matter of the insurance, whereupon an insurance claim is fraudulently made

A double insurance refers to insurance under which an applicant enters into insurance contracts with two or more insurers on the same subject matter of the insurance, the same insurable interests and the same insured event.

If the sum insured is less than the insured value, the insurer shall obtain partial rights pertaining to the subject matter of the insurance which is lost or damaged on the pro rata basis of the sum insured to the insured value.

An insured event refers to an event falling within the scope of cover under the insurance contract.

The beneficiary with respect to the insurance of persons refers to that person designated by the insured or the applicant, and being entitled to claim for the insurance benefits.

An applicant refers to the party who enters into an insurance contract with an insurer and is obligated to pay the premiums under the insurance contract.

Article 11 An applicant shall have an insurable interest in the subject matter of the insurance.

Article 39 The insured value of the subject matter of the insurance may be agreed by the applicant and the insurer, and specified in the contract or it may be assessed based on the actual value of the subject matter of the insurance at the time of the occurrence of the insured event.

An insurer refers to the insurance company which enters into an insurance contract with an applicant and is obligated to make indemnity or payments of the insurance benefits.

The sum insured refers to the maximum amount which the insurer undertakes to indemnify or pay under its insurance obligation.

When people refer to social security in United States, they really are referring to the OASDI which stands for Old Age, Survivors and Disability Insurance.

An applicant may be the insured.

The insurer may, with the consent of the insured, take safety preventive measures to protect the subject matter of the insurance.

Article 51 A contract of insurance of persons is an insurance contract insuring a person's life and body.

The insurer shall bear the expenses necessarily and reasonably incurred by the insured in taking measures to prevent or mitigate further loss or damage of the subject matter of the insurance after the occurrence of the insured event the amount of such expenses borne by an insurer shall be calculated separately from the indemnity for the loss of the subject matter of the insurance and it shall not exceed the sum insured.

Article 60 The beneficiary of the insurance of persons shall be designated by the insured or the applicant.

Article 32 A property insurance contract refers to a contract the subject matter of the insurance of which is a property and related interests associated therewith.

Guidelines for the Compliance Management of Insurance Companies

If the insured fails to fulfill the obligation of notice stipulated in the preceding paragraph, the insurer shall bear no obligation for indemnity of the insured event which occurs due to the increased risk to the subject matter of the insurance.

In indicator of achievement (a), after travel claims , add payroll, insurance, invoices and claims processing and add an indicator of achievement (c) reading (c) The availability of financial reports by the required dates .

In the event that the applicant or the insured fails to fulfill his her contractual obligation to ensure the safety of the subject matter of the insurance, the insurer has the right to request an increase of the premium or to terminate the contract.

a change occurs in the circumstances on which the insurance rate was calculated, so that the risk to the subject matter of the insurance is noticeably reduced or

Article 35 The term branch offices as referred to in the present Guidelines means the branches and central sub branches of an insurance company.

Article 48 The insurer shall bear the necessary and reasonable expenses incurred by the insurer and the insured from investigating and ascertaining the nature of and the cause for the occurrence of the insured event, and the extent of loss or damage to the Subject matter of the insurance.

The applicant shall make a full and accurate disclosure.

It provides specific guidance for insurance supervisors and the insurance sector.

Article 36 If the extent of risk to the subject matter of the insurance increases during the period of the contract, then the insured shall, in accordance with the contract, promptly notify the insurer and the insurer shall have the right to increase the premium or terminate the contract.

The designation of the beneficiary by the applicant is subject to the approval of the insured.

Article 44 When the occurrence of the insured event results from the loss or damage to the Subject matter of the insurance caused by a third party, the insurer may be subrogated into the insured's right of indemnity against the third party up to the amount of indemnity from the date when the amount of indemnity is made.

Article 33 Joint stock insurance companies, joint stock insurance holding (group) companies, exclusively foreign funded insurance companies and Sino foreign joint venture insurance companies shall be subject to the present Guidelines, while exclusively state owned insurance companies, branches of foreign insurance companies and insurance assets management companies shall be under the present Guidelines by analogy.

Such reports are standard practice in the industry.

Circular of China Insurance Regulatory Commission concerning Printing and Distributing the Guidelines for the Compliance Management of Insurance Companies

Article 33 With the exception of cargo insurance contracts and those contracts specified otherwise, the insurer must be notified of the assignment of the subject matter of the insurance.

The object of the social insurance contributions of employees was harmonised with the object of the personal income tax.

The Insurance Section informed the Office of Internal Oversight Services that the objective was to achieve the maximum level of catastrophe coverage for the lowest possible premium, given budgetary constraints.

(b) The term for the Headquarters property policy is three years, whereas the foreign property coverage is currently sent out for bid annually.

The insurer indicated that the policy schedule format and numbering on the submitted policy were not introduced by the company until 1997 or 1998, while the letterhead on the policy was not in use in 1990.

Article 1 In order to regulate the governance structure of insurance companies and strengthen the compliance management of insurance companies, the present Guidelines are set down according to the Company Law of the People's Republic of China, the Provisions on Administering Insurance Companies, the Guiding Opinions concerning Regulating the Governance Structure of Insurance Companies and other laws and regulations.

The guidelines of the Social Security Institution are used as a reference standard.