Does Failure to Pay Full Insurance Premium Result in Termination of Insurance Contract?

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Regarding regulations on insurance business, I would like to inquire. Currently, I have not fully paid the insurance premium to the insurer as previously agreed, and I am worried they will terminate the contract. In this case, do they have the right to terminate?

Pursuant to Clause 2, Article 23 of the 2000 Insurance Business Law, the provisions are as follows:

In addition to the cases of contract termination as stipulated by the Civil Code, an insurance contract shall also be terminated in the following cases:

The policyholder no longer has an insurable interest;
The policyholder fails to pay the full premium or fails to pay the premium according to the agreed time specified in the insurance contract, except in cases where the parties have agreed otherwise.

Thus, according to the above regulation, if you and the insurer do not renegotiate, the insurer has the right to terminate the contract when you fail to pay the full premium.

Sincerely!

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