THE LAW OF INSURANCE CONTRACTS IN THE PEOPLE'S REPUBLIC OF CHINA. A COMPARATIVE ANALYSIS OF POLICYHOLDERS' RIGHTS

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1、THELAWOFINSURANCECONTRACTSINTHEPEOPLE'SREPUBLICOFCHINA.ACOMPARATIVEANALYSISOFPOLICYHOLDERS'RIGHTS.byAlbertoMontiUniversityofMilanoLawSchoolandICERInternationalCentreforEconomicResearchNovember2001ABSTRACTTheimplementationofChina'seconomicreforms,beginningintheearly80's,

2、andtheformalestablishmentofa"SocialistMarketEconomy"inthefollowingdecade,stimulatedsubstantialchangesandimprovementsintheInsuranceLawsandRegulationsofthePeople'sRepublicofChina(hereafter:PRC).Theneedforamodernandsophisticatedlegalframeworkaimedatregulatingrightsandremed

3、iesarisingoutofinsurancecontracts,aswellastheinsurancebusinessingeneral,becameclearandcompellingassoonastheCommunistStatebeganitsslowbutinexorableretreatanditceasedtotakecareofeveryaspectofthelifeoftheChinesePeople.Inthenewsocialistmarketcontext,theinsurancecontractispr

4、edestinedtobecomethemostimportantlegalandeconomictoolavailabletothoseindividualswhoarenotwillingand/orabletobeartheentiretyoftherisksassociatedwiththeimplementationofthemoderneconomicreforms.Againstsuchbackdrop,thispaperisaimedatexploringthehistoryofinsuranceinChinaaswe

5、llastheframeworkofinsurancelawsandregulationenactedinthePRCduringtherecentyears.Inparticular,thefocusofthisessaywillbeuponthelegalprinciplesandrulesthatcurrentlygoverninsurancecontractsandtherelationshiptherebyestablishedbetweentheinsurancecompanyandtheinsured.Hence,the

6、analysisofthelegalprotectionofpolicyholders'rightsandinterestsinChinawillcenteraroundtherulesofinsurancecontractsinterpretation,integrationandperformanceatpresentinforce.Inlightoftheinternationalnatureofthecontractofinsurance,thispaperwillalsoofferacomparisonofdifferent

7、approachestopolicyholders'protectionadoptedinvariouslegalsystemsbelongingtoboththecommonlawandthecivillawtradition.I.Introduction.TheimplementationofChina'seconomicreforms,beginningintheearly80's,andtheformalestablishmentofa"SocialistMarketEconomy"inthefollowingdecade,s

8、timulatedsubstantialchangesandimprovementsintheInsuranceLawsandRegulationsofthePeople'sRepublicofChina(hereaft