中华人民共和国保险法
INSURANCE LAW OF THE PEOPLE'S REPUBLIC OF CHINA

（Adopted at the 14th Meeting of the Standing¹ Committee of the Eighth National People's Congress on June 30， 1995， promulgated² by the Order No. 51 of the President of the People's Republic of China on June 30， 1995， and effective on October 1， 1995）
颁布日期：19950630 　实施日期：19951001 　颁布单位：全国人大常委会

　　Contents

　　Chapter I General Principles

　　Chapter II Insurance Contract

　　Section 1 General Provisions

　　Section 2 Property Insurance Contract

　　Section 3 Life Insurance Contract

　　Chapter III Insurance Company

　　Chapter IV Rules of Management of Insurance Business

　　Chapter V Supervision³ and Control of Insurance Industry

　　Chapter VI Insurance Agent and Insurance Broker⁴

　　Chapter VII Legal Responsibility

　　Chapter VIII Supplementary⁵ Provisions

　　Chapter I General Principles

　　Article 1 This Law is enacted⁶ for the purpose of regulating insurance activities， protecting the legitimate⁷ rights and interests of the parties to insurance， strengthening supervision and control over the insurance industry and bringing about a healthy advance in the insurance business.

　　Article 2 Insurance as the term used in this Law refers to a commercial insurance action whereby an applicant⁸ for insurance， as contracted， pays a premium⁹ to an insurer， and the insurer is obligated to indemnify for the property damage or loss caused by a possible accident that is agreed upon in the contract， or to pay insurance when the insured is dead， injured or disabled， suffers diseases or attains¹⁰ the age or the term agreed upon in the contract.

　　Article 3 This Law applies to all insurance activities within the territory of the People's Republic of China.

　　Article 4 Whoever engages in insurance activities shall abide¹¹ by laws and administrative¹² regulations and follow the principle of voluntariness， honesty and trustworthiness.

　　Article 5 Whatever engages in the commercial insurance business shall be an insurance company which is established in accordance with this Law. No other unit or individual may engage in the commercial insurance business.

　　Article 6 Any legal person or other organization within the territory of the People's Republic of China， when necessary to insure within the territory， shall make an insurance contract with an insurance company within the territory of the People's Republic of China.

　　Article 7 Any insurance company， when conducting insurance business， shall observe the principle of fair competition and may not engage in unfair competition.

　　Article 8 The financial supervision and control department of the State Council shall be responsible for supervising and regulating the insurance industry in accordance with this Law.

　　Chapter II Insurance Contract

　　Section 1 General Provisions

　　Article 9 An insurance contract is an agreement whereby an applicant for insurance and an insurer agree the relation of rights and obligations of insurance.

　　An applicant for insurance refers to a person who makes an insurance contract with an insurer and bears the liability to pay the insurance premium， as contracted.

　　An insurer refers to an insurance company which makes insurance contracts with applicants¹³ for insurance and bears the liability to indemnify or to pay the insurance.

　　Article 10 In making insurance contracts， an applicant for insurance and an insurer shall follow the principles of fairness， mutual¹⁴ benefits， unanimity¹⁵ through negotiation¹⁶ and voluntariness， and may not harm the social public interests.

　　With the exception of those that shall be insured as provided by laws and administrative regulations， any insurance company and other unit may not force other people to make insurance contracts.

　　Article 11 An applicant for insurance shall have an insurable interest in the subject-matter insured.

　　Where an applicant for insurance has no insurable interest in the subject-matter insured， the insurance contract shall be invalid¹⁷.

　　An insurable interest refers to a legalized interest that an applicant for insurance has in the subject-matter.

　　An insurable subject-matter insured refers to the property and its related interests， or the life expectancy¹⁸ and human body which serve as insurance objects.

　　Article 12 When an applicant for insurance proposes an insurance request， and an insurer agrees to accept the proposal， and after an agreement on contract clauses is reached， the insurance contract shall be deemed as concluded. The insurer shall promptly¹⁹ issue an insurance policy or other certificates of insurance to the applicant for insurance， and the insurance policy or other certificates of insurance shall clearly state the contents of the contract agreed upon by both parties.

　　By common consent through consultation²⁰， an applicant for insurance and an insurer may also make an insurance contract by other form of written agreement than those provided in the preceding paragraph.

　　Article 13 After an insurance contract is concluded， the applicant for insurance shall pay the insurance premium as contracted， and the insurer shall bear the insurance liability from the time as contracted.

　　Article 14 Unless this Law otherwise provides or the insurance contract otherwise stipulates²¹， an applicant for insurance may terminate an insurance contract after its conclusion.

　　Article 15 Unless this Law otherwise provides or the insurance contract otherwise stipulates， an insurer may not terminate an insurance contract after its conclusion.

　　Article 16 When an insurance contract is made， the insurer shall explain the contents of the contract clauses to the applicant for insurance and may make inquiries²² of him about the conditions relating to the subject-matter to be insured or the person to be insured， and the applicant for insurance shall really inform thereof.

　　If the applicant for insurance intentionally²³ conceals²⁴ the truth， fails intentionally to perform the obligation of really informing， or fails to perform the obligation of really informing due to mistake， and the case is enough to influence the insurer to decide whether or not to agree to the insurance or to raise the insurance premium， the insurer has the right to terminate the insurance contract.

　　Where the applicant for insurance fails intentionally to perform the obligation of really informing， the insurer does not bear the liability to indemnify or to pay the insurance for the insurance accident occurring prior to the termination of the insurance contract， and does not return the insurance premium.

　　Where the applicant for insurance fails to perform the obligation of really informing due to mistake and the failure has serious influence on the happening of the insurance accident， the insurer does not bear the liability to indemnify or to pay the insurance for the insurance accident occurring prior to the termination of the insurance contract， however， may return the insurance premium.

　　An insurance accident refers to an accident that is within the limits of insurance liability as contracted.

　　Article 17 Where an insurance contract contains a clause of exemption²⁵ from liability of the insurer， the insurer shall explain it clearly to the applicant for insurance when making an insurance contract， if the insurer fails to explain it clearly， that clause does not take effect.

　　Article 18 An insurance contract shall contain the following particulars：

　　（1） name and address of the insurer；

　　（2） names and addresses of the applicant for insurance and the insured， as well as the name and address of the beneficiary to a life insurance policy；

　　（3） subject-matter insured；

　　（4） insurance liability and exemption from liability；

　　（5） insurance period and the time of commencement of the insurance liability；

　　（6） insurable value；

　　（7） insured amount；

　　（8） insurance premium and mode of payment；

　　（9） payment of insurance or mode of payment；

　　（10） responsibility for breach²⁶ of contract and settlement of disputes； and

　　（11） the day， month and year on which the contract is made.

　　Article 19 An applicant for insurance and an insurer may make other stipulations on matters and items related to the insurance than those particulars of the insurance contract as provided in the preceding article.

　　Article 20 Within the term of validity of an insurance contract， the applicant for insurance and the insurer may， upon agreement through consultation， modify relevant contents of the insurance contract.

　　Where an insurance contract is modified， the insurer shall mark notes or attach a slip on the original insurance policy or other insurance certificates， or the applicant for insurance and the insurer shall make a written agreement on such modifications²⁷.

　　Article 21 On learning about the happening of an insurance accident， the applicant for insurance， the insured or the beneficiary shall notify the insurer of the accident in time.

　　An insured refers to a person whose property or body is secured by an insurance contract and who has a claim to the insurance. An applicant for insurance may be an insured.

　　A beneficiary refers to a person who， designated by an insured or an applicant for insurance in a life insurance contract， has a claim to the insurance. An applicant for insurance or an insured may be a beneficiary.

　　Article 22 At the time of requesting an insurer， in accordance with an insurance contract， for indemnity²⁸ or payment of insurance after the happening of an accident insured， an applicant for insurance， an insured or an beneficiary shall provide to the insurer relevant proofs and materials， as many as he can， so as to determine the nature and cause of the accident and the degree of loss of the accident incurred²⁹.

　　The insurer who considers the relevant proofs and materials incomplete according to the stipulations of the insurance contract shall notify the applicant for insurance， the insured or the beneficiary to submit additional relevant proofs and materials.

　　Article 23 An insurer shall， after receiving a claim for indemnity or payment of insurance from an insured or a beneficiary， make an examination and decision in time； as for those within the realm of insurance liability， he shall perform the liability of indemnity or payment of the insurance within 10 days after coming to an agreement on indemnity or payment of the insurance with the insured or the beneficiary. If the insurance contract contains the stipulations on insured amount and the period for indemnity or payment， the insurer shall， as contracted， perform the liability of indemnity or payment of the insurance.

　　Apart from paying insurance， an insurer who fails to perform in time the liability provided in the preceding paragraph shall indemnify the insured or the beneficiary for the loss incurred.

　　Any unit or individual may neither illegally interfere³⁰ in the liability performed by an insurer of indemnity or payment of insurance， nor restrict the right of an insured or a beneficiary to obtain insurance.

　　An insured amount refers to the maximum measure of the liability undertaken by an insurer of indemnify or payment of insurance.

　　Article 24 After an insurer receives a request made by an insured or a beneficiary for indemnity or payment of insurance， as for those not belonging to the realm of the insurance liability， the insurer shall issue a notice of refusal to indemnify or to make payment of insurance to the insured or the beneficiary.

　　Article 25 An insurer who fails to determine the amount of indemnity or payment of insurance within 60 days counted from the date on which the request for indemnity or payment of the insurance as well as relevant proofs and materials were received， shall pay the minimum amount which can be determined³¹ by the proofs and materials already received； after determining eventually the amount of indemnity or payment of the insurance， the insurer shall pay the corresponding difference.

　　Article 26 The right of claim for indemnity or payment of insurance of an insured or a beneficiary of any other insurance than life insurance shall， if not exercised within two years counted from the date of learning about the happening of an insurance accident， terminate.

　　The right of claim for payment of insurance of an insured or a beneficiary of life insurance shall， if not exercised within five years counted from the date of learning about the happening of an insurance accident， terminate.

　　Article 27 If an insured or a beneficiary， in a state of that no insurance accident happens， lies about the happening of an accident and makes request for indemnity or payment of insurance to the insurer， the insurer has a right to terminate the insurance contract and does not return the insurance premium.

　　If an applicant for insurance， an insured or a beneficiary intentionally causes an insurance accident， the insurer has aright to terminate the insurance contract， does not bear the liability of indemnity or payment of insurance and does not return the insurance premium， unless otherwise specified³² in Paragraph 1 of Article 64 of this Law.

　　If an applicant for insurance， an insured or a beneficiary after the happening of an insurance accident， fabricates a false cause of the accident or overstates the loss by forging or altering relevant proofs， materials or other evidences， the insurer does not bear the liability of indemnity or payment of insurance for the part fabricated.

　　An applicant for insurance， an insured or a beneficiary who commits one of the acts mentioned in the preceding three paragraphs and causes the insurer to make payment of insurance or expenses， shall return the payment or make compensation.

　　Article 28 That an insurer， in the form of underwriting， transfers partially³³ the insurance business undertaken by it to another insurer is called reinsurance.

　　At a re insurer's request， an original insurer shall notify the relevant information about its self-borne liability and the original insurance to the reinsurer.

　　Article 29 A reinsurer may not demand insurance premium from an applicant for original insurance.

　　An insured or a beneficiary of the original insurance may not make a claim for indemnity or payment of insurance on an reinsurer.

　　An original insurer may not， on the grounds of that a reinsurer fails to perform the reinsurance liability， refuse or delay performing the original insurance liability.

　　Article 30 When an insurer disputes with an applicant for insurance， an insured or a beneficiary on the contents of an insurance contract， the people's court or arbitration³⁴ organ shall make interpretation³⁵ favorable to the insured and the beneficiary.

　　Article 31 An insurer or a reinsurer shall be liable to keep in secret the business and property condition of an applicant for insurance， an insured or an original insurer， which it has got to know in carrying on the insurance business.

　　Section 2 Property Insurance Contract

　　Article 32 A property insurance contract refers to an insurance contract in which the property and its related interest are the subject-matter insured.

　　Property insurance contract in this Section， unless especially specified， is abbreviated³⁶ as contract.

　　Article 33 The transfer of subject-matter insured shall be informed to the insurer， and with the consent of the insurer to a continuance of underwriting， the contract shall be modified according to law. However， contracts of cargo³⁷ transportation and contracts with otherwise stipulations shall be excluded.

　　Article 34 After the commencement of the insurance liability of an insurance contract of cargo transportation and a voyage insurance contract of transport means， the parties to such contracts may not terminate the contracts.

　　Article 35 An insured shall abide by the regulations of the state relating to fire fighting， safety， production operation and labour protection so as to safeguard the safety of the subject-matter insured.

　　An insurer may， according to the agreement of an contract， carry out an inspection³⁸ of the safety condition of the subject-matter insured and make a written suggestion in time of eliminating unsafe factors and hidden dangers to the applicant for insurance and the insured.

　　Where an applicant for insurance or an insured fails to perform his due responsibility for the safety of the subject-matter insured as contracted， the insurer has a right to demand for increase of the insurance premium or to terminate the contract.

　　For the purpose of ensuring the safety of the subject-matter insured， an insurer may， with the consent of the insured， take preventive safety measures.

　　Article 36 If， within the period of validity of a contract， the degree of danger of the subject-matter insured increases， the insured shall notify the insurer in time according to the stipulations of the insurance contract， the insurer has a right to demand for increase of the insurance premium or to terminate the contract.

　　Where an insured fails to perform the responsibility of notification provided in the preceding paragraph， and an insurance accident occurs due to the increase in the degree of danger of the subject-matter， the insurer does not bear the liability for indemnity.

　　Article 37 Under any of the following circumstances， unless otherwise stipulated³⁹ in the contract， an insurer shall lower the insurance premium and return the corresponding insurance premium per diem：

　　（1） the relevant circumstances on which the determination of insurance premium rate was based have changed， and the degree of danger of the subject-matter insured has obviously reduced； or

　　（2） insurable value of the subject-matter has obviously reduced.

　　Article 38 If an applicant for insurance requests to terminate a contract prior to the commencement of an insurance liability， he shall pay a service charge to the insurer and the insurer shall return the insurance premium. If an applicant for insurance requests to terminate a contract after the commencement of an insurance liability， the insurer may charge the insurance premium due from the date of the commencement of the insurance liability to the date of the termination of the contract， the remains⁴⁰ shall be returned to the applicant for insurance.

　　Article 39 The insurable value of a subject-matter insured may be agreed on by an applicant for insurance and an insurer and be stated in the contract， and also be determined according to the actual value of the subject-matter insured at the time that the insurance accident occurs.

　　The insured amount may not exceed the insurable value； if exceeding， the excessive part shall be invalid.

　　Where the insured amount is lower than the insurable value， unless otherwise stipulated in the contract， the insurer shall bear the liability for indemnity according to the percentage of the insured amount to the insurable value.

　　Article 40 An applicant for double insurance shall notify each insurer of relevant conditions of the double insurance.

　　If the total insured amount of double insurance exceeds the insurable value， the total amount of indemnity to be offered by all insurers may not exceed the insurable value. Unless otherwise stipulated in the contract， each insurer bears the liability for indemnity according to the percentage of the insured amount borne by it to the total insured amount.

　　Double insurance refers to insurance whereby an applicant for double insurance makes separate insurance contracts with two or more insurers on the same subject-matter insured， the same insurable interest and the same insurance accident.

　　Article 41 If an insurance accident occurs， the insured shall have a duty to take as many necessary measures as possible to prevent or minimize the losses.

　　After the insurance accident occurs， the necessary and reasonable expenses paid by the insured in preventing or minimizing the losses of the subject-matter insured shall be borne by the insurer； the amount on the insurer's account shall be calculated separately from the indemnity for the losses of the subject-matter insured， the maximum amount may not exceed the insured amount.

　　Article 42 Where a partial loss of the subject-matter insured is sustained， the applicant for insurance may terminate the contract within 30 days after the insurer made indemnity； unless otherwise stipulated in the contract， the insurer also may terminate the contract. The insurer who intends to terminate the contract shall notify the applicant for insurance 15 days in advance， and shall return the insurance premium on the undamaged part of the subject-matter insured to the applicant for insurance after deducting⁴² the part of the insurance premium receivable for the period from the date of the commencement of insurance liability to the date of the termination of the contract.

　　Article 43 Where an insurer， after the happening of an insurance accident， has made full payment of the insured amount， and the insured amount is equal to the insurable value， all rights of the damaged subject-matter insured shall belong to the insurer； if the insured amount is lower than the insurable value， the insurer shall obtain a part of the rights of the damaged subject-matter insured according to the percentage of the insured amount to the insurable value.

　　Article 44 If an insurance accident is caused by damage inflicted⁴³ by a third party to the subject-matter insured， the insurer may， from the date of making payment of insurance to the insured， stand in the insured's place and exercise aright of subrogation to make a claim for indemnity on the said third party within the limit of indemnity.

　　Where an insured has obtained indemnity from a third party for the loss after the happening of an insurance accident， as provided in the preceding paragraph， the insurer may， when making payment of insurance， deduct⁴¹ the amount which the insured has already obtained from the third party.

　　The right exercised by an insurer for subrogation for indemnity， as provided in the first paragraph， does not affect the right of claim of the insured against the third party for compensation on the part which has not been compensated⁴⁴ yet.

　　Article 45 If an insured， after the happening of an insurance accident and before the insurer's making payment of insurance， waives⁴⁵ his right of claim for indemnity against a third party， the insurer does not bear the liability of indemnity for insurance.

　　If an insured， after being paid insurance by the insurer， waives his claim for indemnity against a third party without consent of the insurer， such an act of waiving⁴⁶ shall be deemed as invalid and void.

　　If， due to the mistake of an insured， the insurer can not exercise a right of subrogation for indemnity， the insurer may deduct and reduce the sum of insurance indemnity accordingly.

　　Article 46 Unless an insured's family member or component⁴⁷ person intentionally causes an insurance accident provided in Paragraph 1 of Article 44 of this Law， the insurer may not exercise a right of subrogation for indemnity on the family member or component person.

　　Article 47 When an insurer exercises a right of subrogation against a third party for indemnity， the insured shall provide necessary documents and relevant information which he knows.

　　Article 48 The necessary and reasonable expenses paid by an insurer and an insured for the purpose of investigating and determining the nature and cause of an insurance accident and the degree of losses of the subject-matter insured shall be borne by the insurer.

　　Article 49 If an insured of liability insurance causes damage to a third party， the insurer may， in accordance with the provisions of laws or the stipulations in the contract， directly make payment of insurance to the third party.

　　Liability insurance refers to insurance whereby the liability legally held by an insured for indemnity to a third party is the subject-matter insured.

　　Article 50 If arbitration or legal proceedings⁴⁸ are taken against an insured of liability insurance due to an insurance accident which causes damage to a third party， unless otherwise stipulated in the contract， the insurer shall bear the arbitration or proceedings expenses or costs as well as other necessary and reasonable expenses paid by the insured.

　　Section 3 Life Insurance Contract

　　Article 51 A life insurance contract is an insurance contract in which life expectancy and human body serve as the subject-matter insured.

　　A life insurance contract， unless especially specified， is abbreviated as a contract in this Section.

　　Article 52 An applicant for insurance has an insurable interest in the following persons：

　　（1） principal；

　　（2） spouse⁴⁹， children and parents； and

　　（3） other family members or close relatives than those listed in the preceding items， with whom the applicant for insurance has relations of fostering， supporting or bringing up.

　　With the exception of the provisions in the preceding paragraph， if an insured agrees that an applicant for insurance makes a contract for him， it shall be deemed that the applicant for insurance has an insurable interest in the insured.

　　Article 53 If the age of an insured declared by an applicant for insurance is not true to fact， and the actual age fails to be in conformity⁵⁰ with the age limit as agreed upon in the contract， the insurer may terminate the contract and return the insurance premium to the applicant for insurance after deducting the service charge， however， excepting that the contract has been carried out for more than two years since its conclusion.

　　Because the age of an insured declared by an applicant for insurance is not true to fact， and the applicant for insurance pays an insurance premium less than the insurance premium payable⁵¹， the insurer has a right to correct it and demand the applicant for insurance to make up the insurance premium， or pay insurance according to the percentage of the actually paid insurance premium to the insurance premium payable.

　　Because the age of an insured declared by an applicant for insurance is not true to fact， and the applicant for insurance pays an insurance premium more than the insurance premium payable， the insurer shall return the excess to the applicant for insurance.

　　Article 54 An applicant for insurance may not， for a person without civil capacity， effect life insurance， in which insurance is payable at death of the latter； and an insurer may not accept it.

　　Life insurance effected by parents for their minor⁵² children shall not be limited by the provision of the preceding paragraph， however， the total amount of insurance paid at their death may not exceed the limit stipulated by the financial supervision and control department.

　　Article 55 A contract in which death is a prerequisite⁵³ for payment of insurance， without the consent in writing of the insured and his approval to the insured amount， shall be invalid and void.

　　An insurance policy issued according to a contract in which death is a prerequisite for payment of insurance， without a written consent of the insured， may not be assigned or mortgaged.

　　Life insurance effected by parents for their minor children shall not be limited by the provision of the first paragraph.

　　Article 56 An applicant for insurance， after the contract is made， may pay insurance premium in one lump sum to the insurer and also may pay insurance premium in instalments as contracted.

　　When a contract stipulates the insurance premium to be paid in instalments， the applicant for insurance shall pay the initial payment of insurance premium when the contract is made， and shall pay the remaining insurance premium in installments⁵⁴ on schedule.

　　Article 57 Where a contract stipulates the payment of the insurance premium to be made in instalments， the applicant for insurance， having paid the initial in stalment of the premium， fails to pay a part payable of the instalments of the insurance premium beyond 60 days counted as commencing at the fixed⁵⁵ time， unless the contract contains otherwise stipulations， the validity of the contract shall suspend， or the insurer shall reduce the insured amount according to the terms stipulated in the contract.

　　Article 58 After the insurer and the applicant for insurance come to an agreement through negotiation and the applicant for insurance makes up the payment of insurance premium， the validity of the contract， which has suspended according to the provision of the preceding Article， may be resumed. However， if both parties fail to come to an agreement in two years counted as commencing on the date of the suspension of the validity of the contract， the insurer has a right to terminate the contract.

　　Where an insurer terminates a contract according to the provisions of the preceding paragraph， and the applicant for insurance has already paid the insurance premium in full for two years or more， the insurer shall， according to the stipulations of the contract， return the cash value of the insurance policy； if the applicant for insurance has not yet paid in full the insurance premium for two years， the insurer shall， after deducting the service charge， return the insurance premium.

　　Article 59 An insurer may not claim the payment of insurance premium of life insurance from an applicant for insurance by means of a lawsuit⁵⁶.

　　Article 60 A beneficiary of life insurance shall be appointed by an insured or an applicant for insurance.

　　When appointing a beneficiary， an applicant for insurance shall meet with the insured's approval.

　　If an insured is a person without civil capacity or a person with limited civil capacity， his guardian⁵⁷ may appoint a beneficiary.

　　Article 61 An insured or an applicant for insurance may appoint one or several persons as beneficiaries.

　　If beneficiaries are several， the insured or the applicant for insurance may decide the order of benefit and their shares of benefit； if no share of benefit is decided⁵⁸， the beneficiaries shall have beneficial interests by the equal share of benefit.

　　Article 62 An insured or an applicant for insurance may change the beneficiary and shall notify the insurer in writing. The insurer shall， after receiving the notification of the change of the beneficiary， mark it on the insurance policy.

　　When changing a beneficiary， an applicant for insurance shall meet with the insurer's approval.

　　Article 63 After an insured died， under one of the following circumstances， the insurance benefit shall be treated as a legacy⁵⁹ of the insured； and the insurer shall fulfil its liability of payment of the insurance to the heir of the insured：

　　（1） without any person appointed as a beneficiary；

　　（2） the beneficiary died earlier than the insured， and there is no other beneficiary； and

　　（3） the beneficiary loses the beneficial right according to law or waives the beneficial right， and there is no other beneficiary.

　　Article 64 If an applicant for insurance or a beneficiary intentionally causes the insured's death， injury， disability or disease， the insurer does not bear the liability of payment of insurance. If the applicant for insurance has already paid in full the insurance premium for two years or more， the insurer shall， as contracted， return the cash value of the insurance policy to other entitled beneficiary.

　　Any beneficiary， who intentionally causes the insured's death， injury or disability， or attempts intentionally to murder the insured， shall lose his beneficial interest.

　　Article 65 Under a contract in which death is the prerequisite for payment of insurance， if the insured commits suicide， with the exception of those provided in the second paragraph of this Article， the insurer is not liable for payment of the insurance， as for the insurance premium already paid by the applicant for insurance， however， the insurer shall， according to the insurance policy， return its cash value.

　　Under a contract in which death is the prerequisite for payment of insurance， after two full years counted as commencing on the conclusion of the contract， if the insured commits suicide， the insurer may， as contracted， pay the insurance.

　　Article 66 If the insured intentionally commits a crime to cause his injury， disability or death， the insurer is not liable for the payment of insurance. If the applicant for insurance has already paid in full the insurance premium for two years or more， the insurer shall， according to the insurance policy， return its cash value.

　　Article 67 If the insured of life insurance sustains an insurance accident as death， injury， disability or disease due to the harm done by a third party， the insurer， after making the payment of insurance to the insured or the beneficiary， may not have the right to claim compensation from the third party.

　　Article 68 If an applicant for insurance who has already paid in full the insurance premium for two years or more terminates the contract， the insurer shall， within 30 days counted as commencing on the date of receiving the notification of termination of the contract， return the cash value of the insurance policy； if the applicant for insurance has not yet paid the insurance premium for two full years， the insurer shall， after deducting the service charge as contracted， return the insurance premium.

　　Chapter III Insurance Company

　　Article 69 An insurance company shall take any of the following organizational forms：

　　（1） limited liability company； or

　　（2） solely⁶⁰ state-owned company.

　　Article 70 The establishment of an insurance company shall meet with the approval of the financial supervision and control department.

　　Article 71 To establish an insurance company， the following requirements shall be met：

　　（1） having articles of association in conformity with the provisions of this Law and the Company Law；

　　（2） having the minimum amount of registered capital as provided in this Law；

　　（3） having senior managerial personnel with professional knowledge and working experiences qualified⁶¹ for their posts；

　　（4） having perfect organizational structure and management system； and

　　（5） having its business place and other relevant facilities up to the requirements.

　　The financial supervision and control department， when examining the application for establishment， shall take into account the needs of the development and fair competition of the insurance industry.

　　Article 72 The minimum amount of registered capital for the establishment of an insurance company is 200 million Renminbi yuan.

　　The minimum amount of registered capital of an insurance company shall be the money capital actually contributed.

　　The financial supervision and control department shall， in accordance with the scope of business and the scale of management of an insurance company， adjust the minimum amount of registered capital of the company； the minimum amount， however， may not be lower than the amount provided in the first paragraph.

　　Article 73 At the time of applying for the establishment of an insurance company， the following documents and materials shall be submitted：

　　（1） an application for establishment， which shall state the designation， registered capital and business scope of the insurance company planned to be established；

　　（2） a feasible study report； and

　　（3） other documents and materials required by the financial supervision and control department.

　　Article 74 If an application for establishment of an insurance company is up to the standard through preliminary inspection， the applicant shall then make preparations for the establishment of the insurance company in accordance with the provisions of this Law and the Company Law. The applicant being qualified for the requirements of establishment provided in Article 71 of this Law， shall submit a formal application form and the following documents and materials to the financial supervision and control department：

　　（1） articles of association of the insurance company；

　　（2） a list of shareholders⁶² and their shares or contributors and their contributions；

　　（3） letters of credit and relevant materials of the shareholders who own 10 percent or more of registered capital；

　　（4） a verification certificate issued by an authorized⁶³ capital verification organization；

　　（5） resumes and qualification certificates of senior managerial personnel planned to be appointed；

　　（6） guiding principles for management and plan；

　　（7） information about the business place and other facilities relevant to its business； and

　　（8） other documents required by the financial supervision and control department.

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