Top court clarifies insurance inheritance requirements
Insurance beneficiaries will not only enjoy rights given by insurance but also carry out obligations if the insured dies, a judicial interpretation released by China’s top court said on Wednesday.
This is the first time that the Supreme People’s Court clarified the related requirements of insurance inheritance in the interpretation of the Chinese Insurance Law.
“The insurance inheritance is mentioned in the law, but was not specified,” said He Xiaorong, chief judge of the court’s No 2 Civil Division. “Clarifying the problem is to help judges effectively solve related disputes in practice.”
Before issuing the interpretation, which will take effect on Sept 1, the top court had made three such interpretations on the law, in 2009, 2013 and 2015, respectively, to regulate the insurance market and handle a rise in disputes.
The top court’s statistics also show the number of insurance contract cases Chinese courts filed last year increased to 127,611 from 82,564 in 2013, “and the figure is still rapidly going up,” He said. That's why the court updated and made the interpretations in a timely manner, He added.
“The latest interpretation, I believe, will contribute to preventing financial risks and providing better legal protection for economic developments,” he added.