The Point in Time for Arising Insurance Liability

20:46, 11/07/2024

The Law on Amendment of the Insurance Business Law 2010, promulgated by the National Assembly on November 24, 2010, has amended and supplemented several provisions of the Insurance Business Law 2000. Notably, it includes amendments and supplements regarding the inception of insurance liability.

To be specific, according to the provisions of Clause 6 Article 1 of the amended Insurance Business Law 2010, amending and supplementing Article 15 of the Insurance Business Law 2000, insurance liability arises in one of the following cases:

The insurance contract has been concluded and the policyholder has fully paid the insurance premium.
The insurance contract has been concluded, in which there is an agreement between the insurance enterprise and the policyholder about the policyholder's debt of the insurance premium.
There is evidence that the insurance contract has been concluded and the policyholder has fully paid the insurance premium.

See more amendments and supplements at: Amended Insurance Business Law 2010 effective July 1, 2011.

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