AnJie Partner Dr. Zhan Hao Invited by NCI to Address Challenges and Opportunities of Insurance Industry Under China’s New Civil Code
On 29 September 2020, Dr. Zhan Hao, partner within AnJie Law Firm, was invited by New China Life Insurance Co., Ltd. (“NCI”) to deliver remarks on the “Challenges and Opportunities of the Insurance Industry under the Civil Code.”
Focusing on “Challenges and Opportunities”, Dr. Zhan divided this topic into four parts. Dr. Zhan first addressed the general characteristics of Chinese insurance legislation and the specific impacts of the Civil Code. Dr. Zhan Hao traced the origins of insurance law from the combination of the two laws in China — the Insurance Contract Law and the Insurance Supervision Law, and analyzed the influence of the Civil Code on insurable interests, business models, statutes of limitations, and standard clauses.
Secondly, Dr. Zhan delivered remarks on the Civil Code’s impact on the general provisions of insurance contracts. In this part, Dr. Zhan Hao shared in-depth analysis concerning the impact on the general provisions of insurance contracts on new revised proxy performance provisions, compulsory contracts, and clauses regarding change of circumstances, termination, refusal to accept without justifiable reasons, and relatives and family members.
In the third part of Dr. Zhan’s remarks, he addressed the influence of the Civil Code on contracts of personal insurance. Dr. Zhan explained the Civil Code’s impact on core concepts, such as the suspension and resumption of personal insurance, the minimum age of persons without civil capacity, the joint property of husband and wife, and testamentary trusts.
Finally, in the last part of his remarks, Dr. Zhan delivered a summary of the correct ways for the insurance enterprises to deal with the Civil Code. First, to understand the function of insurance according to the principle of rights protection. Second, to check non-standard business processes. Third, to research and develop new products which satisfy compliance requirements.
AnJie is a Chambers ranked, Band 1 law firm for PRC Insurance law, and has one of the largest insurance practices in mainland China. Our team has acted for many well-known companies from China and abroad, and has won high praise from clients for its professional legal knowledge and efficient legal services. Our Insurance team will carry out a series of professional interpretations on the impact of the Civil Code on insurance businesses and insurance fund utilization businesses.