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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II INSURANCE CONTRACT SECTION 1 GENERAL PROVISIONS SECTION 2 PROPERTY INSURANCE CONTRACT SECTION 3 LIFE INSURANCE CONTRACT CHAPTER III INSURANCE COMPANY CHAPTER IV INSURANCE OPERATIONAL RULES CHAPTER V SUPERVISION AND ADMINISTRATION OF THE INSURANCE BUSINESS CHAPTER VI INSURANCE AGENTS AND INSURANCE BROKERS CHAPTER VII LEGAL RESPONSIBILITIES CHAPTER VIII SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1 This Law is promulgated with the purpose of regulating insurance activities, protecting the legitimate rights and interests of the parties involved, strengthening supervision and regulation of the insurance industry and promoting its healthy development. Article 2 "Insurance" is the term used in this Law to refer to a commercial insurance transaction whereby an insurance applicant, as contracted, pays insurance premiums to the insurer, and the insurer bears an obligation to indemnify for property loss or damage caused by an occurrence of a possible event that is agreed upon in the contract, or to pay the insurance benefits when the insured person dies, is injured or disabled, suffers diseases or reaches the age or term agreed upon in the contract. Article 3 All insurance activities within the territory of the People's Republic of China (hereinafter referred to as "the PRC") shall be governed by this Law. Article 4 Any insurance activity shall be in conformity with laws and administrative regulations and shall be conducted voluntarily under the principle of utmost good faith. Article 5 Legal entities engaged in commercial insurance must be insurance companies established in accordance with this Law; no other entity or individual is permitted to transact commercial insurance business. Article 6 Any person or entity within the territory of the PRC that needs insurance coverage within the PRC territory shall insure himself/herself/itself with insurance companies established within the territory of the PRC. Article 7 Insurance companies shall observe the principle of fair competition when conducting insurance business and shall never engage in unfair competition. Article 8 The financial supervision and regulation department under the State Council shall be responsible for supervision and regulation of the insurance industry in accordance with this Law. CHAPTER II INSURANCE CONTRACT SECTION 1 GENERAL STIPULATIONS Article 9 An insurance contract is an agreement whereby the insurance rights and obligations are specified and agreed by the applicant and the insurer. An applicant refers to the party who enters into an insurance contract with an insurer and is obligated to pay the premiums under the insurance contract. An insurer refers to the insurance company which enters into an insurance contract with an applicant and is obligated to make indemnity or payments of the insurance benefits. Article 10 An applicant and an insurer shall enter into an insurance contract on a fair, voluntary and mutually beneficial basis through consultation and shall never infringe upon the public interest. Insurance companies and other entities shall never force others to enter into any insurance contract, except for those insurances made compulsory by laws and administrative regulations. Article 11 An applicant shall have an insurable interest in the subject matter of the insurance. An insurance contract is null and void if the applicant has no insurable interest in the subject matter of the insurance. An insurable interest refers to the interest which the applicant has in the subject matter of the insurance and is recognized by laws. The subject matter of the insurance refers either to the property of the insured and related interests associated therewith, or to the life and the body of the insured, which is the object of the insurance. Article 12 An insurance contract is formed when an applicant requests insurance and the insurer agrees to underwrite it under the terms and conditions therein agreed by both parties. The insurer shall issue to the applicant, on a timely basis, an insurance policy or any other insurance certificate which indicates the terms and conditions as agreed by both parties. An insurance contract may take any written form other than as prescribed above, upon the mutual agreement of the applicant and the insurer. Article 13 Once an insurance contract is formed, the applicant shall pay the premium in accordance with the terms and conditions of the contract and the insurer will be at risk effective from the date as specified in the insurance contract. Article 14 Unless otherwise prescribed herein, or in the insurance contract, the applicant may terminate the contract after it is formed. Article 15 Unless otherwise prescribed herein, or in the insurance contract, the insurer may not terminate the contract after it is formed. Article 16 The insurer shall, prior to the conclusion of an insurance contract, explain the contract terms and conditions to the applicant and may inquire about the subject matter of the insurance or person to be insured. The applicant shall make a full and accurate disclosure. The insurer shall have the right to terminate the insurance contract, in the case that the applicant intentionally conceals facts, or does not perform his/her obligation of making a full and accurate disclosure, or negligently fails to perform such obligation to the extent that it would materially affect the insurer's decision whether or not to underwrite the insurance or whether or not to increase the premium rate. If any applicant intentionally fails to perform his/her obligation of making a full and accurate disclosure, the insurer shall bear no obligation for making any indemnity or payment of the insurance benefits, or for returning the premiums paid for the occurrence of the insured event which occurred prior to the termination of the contract. If an applicant negligently fails to perform his/her obligation of making a full and accurate disclosure and this materially affects the occurrence of an insured event before the termination of the contract, the insurer shall bear no obligation for making any indemnity or payment of the insurance benefits but may return the premiums paid. An insured event refers to an event falling within the scope of cover under the insurance contract. Article 17 If there are any exclusion clauses imposed by the insurer in the insurance contract, then the insurer shall give specific and clear explanations thereof to the applicant when concluding the insurance contract, otherwise such clauses shall not be enforceable. Article 18 An insurance contract shall contain the following particulars: (1) Name and address of the insurer; (2) Names and addresses of the applicant and the insured, and name and address of the beneficiary in the case of insurance of persons; (3) Subject matter of the insurance; (4) Scope of the cover and exclusions; (5) Period of insurance and the commencement of the insurance liability; (6) Insured value; (7) Sum insured; (8) Premium and method of premium payment; (9) Method of payment of indemnity or the insurance benefits; (10) Liability arising from breach of contract and the settlement of disputes ; (11) Day, month and year of the signing of the contract. Article 19 The applicant and the insurer may include additional particulars for matters relating to the insurance contract other than those referred to in the preceding Article. Article 20 During the period of the validity of the insurance contract, the applicant and the insurer may amend the contents of the insurance contract subject to mutual agreement. Should there be any amendments to the insurance contract, then the insurer shall endorse the original policy or any other insurance certificate, or issue an endorsement slip attached to the insurance contract or insurance certificate, or have a written agreement of amendment with the applicant. Article 21 The applicant, the insured or the beneficiary shall notify the insurer in a timely manner of the occurrence of any insured event once it is known to them. The insured refers to anyone whose property or person is protected by the insurance contract and who is entitled to claim for compensation. An applicant may be the insured. The beneficiary with respect to the insurance of persons refers to that person designated by the insured or the applicant, and being entitled to claim for the insurance benefits. The applicant or the insured may be the beneficiary. Article 22 When a claim for indemnity or payment of the insurance benefits is lodged with the insurer after the occurrence of an insured event, the applicant, the insured or the beneficiary shall, to the best of their knowledge and ability, provide the insurer with evidence and information which is relevant to ascertain the nature of, the cause for and the extent of the loss due to the occurrence of the insured event. If the insurer, based on the provisions of the insurance contract, considers the relevant evidence or information incomplete, then the insurer shall notify the applicant, the insured or the beneficiary with a request to provide the insurer with additional evidence or information. Article 23 The insurer shall, in a timely manner after the receipt of a claim for indemnity or for payment of the insurance benefits from the insured or the beneficiary, ascertain and determine whether to make the indemnity or effect the payment of the insurance benefits, and shall fulfill its obligations for such indemnity or payment within ten (10) days after an agreement is reached with the insured or the beneficiary on the amount of indemnity or payment. If the insurance contract specifies the sum insured or the period within which the indemnity or the payment of the insurance benefits should be made, then the insurer shall fulfill its obligation for indemnity or payment of the insurance benefits as specified in the insurance contract. If the insurer fails to fulfill the obligations specified in the preceding paragraph in a timely manner then, in addition to the payment of compensation, the insurer shall compensate the insured or the beneficiary for any damage incurred thereby. No entity or individual shall illegally interfere with the insurer's obligation for indemnity or payment of the insurance benefits, or hinder the right of the insured or the beneficiary to receive the payment. The sum insured refers to the maximum amount which the insurer undertakes to indemnify or pay under its insurance obligation. Article 24 After receiving a claim for indemnity or payment of the insurance benefits from the insured or the beneficiary, the insurer shall issue to the insured or the beneficiary a notice declining indemnity or payment of the insurance benefits for any events not falling within the scope of the cover. Article 25 If the amount of indemnity or payment of the insurance benefits cannot be determined within sixty (60) days of receipt of the claim for indemnity or payment of the insurance benefits, and relevant evidence and information thereof, then the insurer shall effect payment of the minimum amount which can be determined by the evidence and information obtained. The insurer shall pay the balance after the final amount of indemnity or payment of the insurance benefits is determined. Article 26 With respect to insurance other than life insurance, the rights of the insured or the beneficiary to claim for indemnity or payment of the insurance benefits shall expire if the insured or the beneficiary fails to exercise his/her rights to claim within two (2) years from the date when the insured or the beneficiary is aware of the occurrence of the insured event. With respect to life insurance, the rights of the insured or the beneficiary to claim for payment of the insurance benefits shall expire if the insured or the beneficiary fails to exercise his/her rights to claim within five (5) years from the date when the insured or the beneficiary is aware of the occurrence of the insured event. Article 27 The insurer may terminate the insurance contract and refuse to return the premiums paid if the insured or the beneficiary falsely claims that an insured event has occurred, and submits a claim for indemnity or payment of the insurance benefits, although such insured event has not occurred. If the applicant, the insured or the beneficiary intentionally causes the occurrence of an insured event, except as under the first paragraph of Article 64 of this Law, the insurer may terminate the insurance contract, bear no obligation for indemnity or payment of the insurance benefits and decline to return the premiums paid. If the applicant, the insured or the beneficiary, following the occurrence of an insured event, provides forged and altered relevant evidence, information or other proofs, falsifies the cause of the occurrence of the insured event or overstates the extent of the loss, then the insurer shall bear no obligation for indemnity or payment of the insurance benefits for the portion which is falsified or overstated. The applicant, the insured or the beneficiary shall refund or indemnify the insurer for any payments or expenses which were made or incurred by the insurer due to the commission of any act stipulated in the foregoing three paragraphs of this Article by the applicant, the insured or the beneficiary. Article 28 When an insurer transfers part of its accepted business to another insurer by way of cession, it is referred to as reinsurance. When requested by the reinsurer, the ceding insurance company shall inform the reinsurer of the ceding insurance company's retained liability and all relevant information with respect to the direct insurance. Article 29 The reinsurer shall not demand payment of premiums from the applicant of the direct insurance. The insured or the beneficiary of the direct insurance shall not claim for the indemnity or payment of the insurance benefits from the reinsurer. The ceding insurance company shall not decline or delay fulfilling its obligation of the direct insurance on the basis that the reinsurer fails to fulfill the reinsurance obligation. Article 30 If there is any dispute over the interpretation of clauses in an insurance contract between the insurer and the applicant, the insured or the beneficiary, then the People's Courts or arbitration organizations shall interpret such disputed clauses in favor of the insured and the beneficiary. Article 31 The insurer or the reinsurer shall be obligated to maintain confidentiality of information obtained in the course of conducting insurance business regarding the business and financial position of the applicant, the insured or the ceding insurance company. SECTION 2 CONTRACT OF PROPERTY INSURANCE Article 32 A property insurance contract refers to a contract the subject matter of the insurance of which is a property and related interests associated therewith. The property insurance contract mentioned in this Section is briefly referred to as "the contract", unless specified otherwise. Article 33 With the exception of cargo insurance contracts and those contracts specified otherwise, the insurer must be notified of the assignment of the subject matter of the insurance. With the consent of the insurer to continue underwriting the assignment of the subject matter of the insurance, the contract may be modified in accordance with laws. Article 34 A cargo insurance contract or an insurance contract for voyage conveyance shall not be terminated by any party thereto subsequent to the commencement of the insurance liability. Article 35 The insured shall observe all the regulations prescribed by the State with respect to fire prevention, safety, production, operations and labor protection, and any other regulations associated therewith, to maintain the safety of the subject matter of the insurance. In accordance with the terms of the contract, the insurer may inspect the subject matter of the insurance concerning its safety conditions and, within a reasonable time, propose reasonable written suggestions to the applicant or the insured to eliminate risks and latent problems undermining the safety of the subject matter of the insurance. In the event that the applicant or the insured fails to fulfill his/her contractual obligation to ensure the safety of the subject matter of the insurance, the insurer has the right to request an increase of the premium or to terminate the contract. The insurer may, with the consent of the insured, take safety preventive measures to protect the subject matter of the insurance. Article 36 If the extent of risk to the subject matter of the insurance increases during the period of the contract, then the insured shall, in accordance with the contract, promptly notify the insurer and the insurer shall have the right to increase the premium or terminate the contract. If the insured fails to fulfill the obligation of notice stipulated in the preceding paragraph, the insurer shall bear no obligation for indemnity of the insured event which occurs due to the increased risk to the subject matter of the insurance. Article 37 Unless otherwise specified in the contract, the insurer shall reduce the premium and return the corresponding premium paid pro rata to the number of days, if either: (1) a change occurs in the circumstances on which the insurance rate was calculated, so that the risk to the subject matter of the insurance is noticeably reduced; or (2) a material reduction occurred in the insured value of the subject matter of the insurance. Article 38 In the event that an applicant requests the termination of the contract prior to the commencement of the insurance liability, the applicant shall pay handling charges to the insurer and the insurer shall return the premiums paid. In the event that an applicant requests the termination of the contract subsequent to the commencement of the insurance liability, the insurer may retain the premiums for the period from the commencement of the insurance liability to the date of the termination of the contract, and shall return the balance of the premiums to the applicant. Article 39 The insured value of the subject matter of the insurance may be agreed by the applicant and the insurer, and specified in the contract; or it may be assessed based on the actual value of the subject matter of the insurance at the time of the occurrence of the insured event. The sum insured shall not exceed the insured value of the subject matter of the insurance, and any portion exceeding the insured value of the subject matter of the insurance is null and void as a matter of law. Unless otherwise specified in the contract, in the event that the sum insured is less than the insured value, the insurer shall undertake the obligation for indemnity pro rata of the sum insured to the insured value. Article 40 In the event of double insurance, the applicant shall notify all the insurers concerned of relevant information with respect to such double insurance. If the total amount of the sum insured by double insurance exceeds the insured value, the total amount of indemnity paid by all insurers concerned shall not exceed the insured value. Unless specified otherwise in the contract, the insurers concerned shall undertake their obligation for indemnity based on the proportions their respective amounts of the sum insured bear to the total amount of the sum insured. A double insurance refers to insurance under which an applicant enters into insurance contracts with two or more insurers on the same subject matter of the insurance, the same insurable interests and the same insured event. Article 41 Following the occurrence of an insured event, the insured is obligated to take all necessary measures to prevent or mitigate loss or damage. The insurer shall bear the expenses necessarily and reasonably incurred by the insured in taking measures to prevent or mitigate further loss or damage of the subject matter of the insurance after the occurrence of the insured event; the amount of such expenses borne by an insurer shall be calculated separately from the indemnity for the loss of the subject matter of the insurance and it shall not exceed the sum insured. Article 42 If the subject matter of the insurance sustains partial loss, the applicant may terminate the contract within thirty (30) days after the loss is indemnified by the insurer. Unless specified otherwise in the insurance contract, the insurer may also terminate the contract. In the event that the insurer terminates the contract, the insurer shall notify the applicant fifteen (15) days in advance of such termination and return to the applicant the premium received for the portion of the subject matter of the insurance which is not lost or damaged after deducting the earned premium for the subject matter of the insurance which is not lost or damaged from the date of the commencement of the insurance liability to the date of the termination of the contract. Article 43 After the occurrence of the insured event, if the insurer pays in full the sum insured and the sum insured is equal to the insured value, the insurer shall retain all rights pertaining to the subject matter of the insurance which is lost or damaged. If the sum insured is less than the insured value, the insurer shall obtain partial rights pertaining to the subject matter of the insurance which is lost or damaged on the pro rata basis of the sum insured to the insured value. Article 44 When the occurrence of the insured event results from the loss or damage to the Subject matter of the insurance caused by a third party, the insurer may be subrogated into the insured's right of indemnity against the third party up to the amount of indemnity from the date when the amount of indemnity is made. In the event of the occurrence of the insured event referred to in the preceding paragraph, the insurer may, at the time of making indemnity, deduct therefrom a corresponding amount which the insured has received as indemnity from the third party. The right of indemnity by subrogation exercised by the insurer in accordance with the first paragraph shall in no way affect the insured's right of indemnity against the third party for the unindemnified amount. Article 45 If the insured waives the right of indemnity against the third party after the occurrence of the insured event and before the insurer making the indemnity, the insurer shall bear no obligation for indemnity. If the insured, without the insurer's consent, waives the right of indemnity against the third party after indemnity is made by the insurer, the waiver of the insured shall be regarded as invalid. The insurer may deduct a corresponding sum from the amount of indemnity if it is not able to exercise the right of indemnity by subrogation due to the fault of the insured. Article 46 The insurer has no right of indemnity by subrogation against any family member or staff member of the insured unless the occurrence of the insured event referred to in the first paragraph of Article 44 above has resulted from the willful misconduct of such a third party. Article 47 When the insurer exercises the right of indemnity by subrogation against a third party, the insured shall provide the insurer with all relevant and pertinent documents and information known to him/her. Article 48 The insurer shall bear the necessary and reasonable expenses incurred by the insurer and the insured from investigating and ascertaining the nature of and the cause for the occurrence of the insured event, and the extent of loss or damage to the Subject matter of the insurance. Article 49 The insurer may directly indemnify a third party for loss or damage caused by the insured of a liability insurance contract in accordance with the provisions of laws or the terms of an insurance contract. Liability insurance refers to an insurance the subject matter of the insurance of which is the insured's liability to indemnify a third party pursuant to laws. Article 50 If the insured of a liability insurance contract is brought to an arbitration or legal proceeding due to the occurrence of an insured event which caused loss or damage to a third party, unless specified otherwise in the insurance contract, the insurer shall bear the expenses of such arbitration or legal proceeding and other necessary and reasonable expenses paid by the insured. SECTION 3 CONTRACT OF INSURANCE OF PERSONS Article 51 A contract of insurance of persons is an insurance contract insuring a person's life and body. The contract of insurance of persons mentioned in this Section is briefly referred to as "the contract," unless specified otherwise. Article 52 The applicant has insurable interests over the following persons: (1) The applicant himself/herself; (2) The applicant's spouse, children and parents; or (3) Other family members or close relatives, apart from the aforementioned, who have relations of fostering, supporting and maintaining with the applicant. Notwithstanding the foregoing, with the consent of the insured to enter into a contract for the insured, the applicant shall be regarded as having an insurable interest on the insured. Article 53 If the age of the insured is not correctly given by the applicant, and the actual age of the insured does not fall within the age range specified by the contract, the insurer may terminate the contract and return the premiums to the applicant after deducting expenses therefrom. However, this does not apply to contracts which have been in force for two (2) years or more. In the event that the applicant has misstated the age of the insured, thus underpaying the premiums, then the insurer shall have the right to correct the misstatement and request the applicant to pay the balance, or to reduce the payment of the insurance benefits in proportion to the amount of premiums actually paid to the amount that should have been paid. In the event that the applicant has misstated the age of the insured, thus overpaying the premiums, then the insurer shall return the overpaid portion to the applicant. Article 54 An applicant shall not apply for and the insurer shall not underwrite an insurance of persons that stipulates death as a prerequisite for the payment of the insurance benefits on a person without civil legal capacity. The restriction stipulated in the preceding paragraph shall not apply to the case where parents apply for insurance of persons on minor children. However, the total amount of the death benefits shall not exceed the limit as stipulated by the financial supervision and regulation department. Article 55 A contract stipulating death as the prerequisite for the payment of the insurance benefits is not valid unless its amount is consented to in writing by the insured. An insurance policy stipulating death as the prerequisite for the payment of the insurance benefits shall not be transferred or mortgaged without the written consent of the insured. If parents apply for an insurance of persons on their minor children, the restriction stipulated in paragraph one of this Article shall not apply. Article 56 After the establishment of the contract, the applicant may pay the premium by a single premium or by installments in accordance with the terms of the contract. If the contract stipulates that the premium is to be paid by installments, the applicant shall pay the first installment at the inception of the contract and the other installments as scheduled. Article 57 If the contract specifies payment of the premiums by installments and the applicant has paid the first installment but fails to pay any subsequent installments within a sixty (60) days grace period, the contract shall lapse, or the insurer shall reduce the insured amount in accordance with the contract, unless specified otherwise in the contract. Article 58 A contract which lapses in accordance with the preceding Article can be reinstated provided that the insurer and the applicant have reached an agreement and that the applicant has paid the outstanding premiums. However, the insurer has the right to terminate the contract if no agreement has been reached by both parties within two (2) years from the date of the lapse of the contract. When an insurer terminates the contract in accordance with the preceding paragraph, and the applicant has paid the premiums for two years or more, the insurer shall return the cash value of the policy to the applicant in accordance with the contract. In the event that the applicant has paid the premiums for less than two years , the insurer shall return the premiums to the applicant with the expenses deducted therefrom. Article 59 The insurer shall not resort to legal proceeding to demand the payment of the insurance premiums of insurance of persons from the applicant. Article 60 The beneficiary of the insurance of persons shall be designated by the insured or the applicant. The designation of the beneficiary by the applicant is subject to the approval of the insured. If the insured is a person without civil legal capacity or a person with limited civil legal capacity, the beneficiary may be designated by the guardian of the insured. Article 61 The insured or the applicant may designate one or more persons as the beneficiaries. In the event that there is more than one beneficiary, the insured or the applicant may specify the order of distribution of the payment of the insurance benefits and their respective proportions; in the absence of such specifications on proportions, all the beneficiaries shall share the benefits on an equal basis. Article 62 The insured or the applicant may change the beneficiary by a written notice to the insurer. The insurer shall endorse the change on the policy upon receipt of the notice. The applicant may change the beneficiary subject to the consent of the insured. Article 63 In the event of the death of the insured, the payment of the insurance benefits shall be treated as part of the estate of the insured, and the insurer shall pay the insurance benefits to the legal heirs of the insured, if : (1) there is no designated beneficiary ; (2) the beneficiary dies before the insured without other beneficiary being designated ; or (3) the beneficiary forfeits or surrenders his/her right as such in accordance with laws without other beneficiary being designated. Article 64 In the event that the applicant or the beneficiary have intentionally caused the death, disability or illness of the insured, the insurer shall bear no obligation for payment of the insurance benefits. In the event that the applicant has paid premiums for two (2) years or more, the insurer shall, in accordance with the contract, return the cash value of the policy to other beneficiaries, if any. If the beneficiary has intentionally caused the death or disability of the insured, or attempted to cause the death of the insured or the beneficiary shall lose his/her right to claim the insurance benefits. Article 65 When a contract stipulates death as the prerequisite for the payment of the insurance benefits then the insurer shall have no obligation for the payment of the insurance benefits if the insured commits suicide, except for the event stipulated in paragraph two of this Article. However, the insurer shall, in respect of the insurance premium already paid by the applicant, return the cash value of the policy in accordance with the terms of the contract. When a contract stipulates death as a prerequisite for the payment of the insurance benefits, the insurer may effect the payment of the insurance benefits in accordance with the contract if the insured commits suicide two (2) years or more after the formation of the contract. Article 66 In the event that the insured has died or was disabled as a result of intentionally committing a crime, the insurer shall have no obligation to effect the payment of the insurance benefits. If, however, the applicant has paid premiums for two (2) years or more, the insurer shall return the cash value of the policy to the insured in accordance with the contract. Article 67 If the insured suffers from death, disability, or illness as a result of a third party's conduct, the insurer shall have no right of subrogation against the third party after the payment of the insurance benefits. Article 68 If an applicant who has already paid in full the insurance premiums for two (2) years or more, terminates the contract, then the insurer shall return the cash value of the policy within thirty (30) days after the receipt of the notice of termination in accordance with the contract. If the applicant has paid the insurance premiums for less then two (2) years, then the insurer shall return the remaining premiums after deducting expenses in accordance with the contract. CHAPTER III INSURANCE COMPANY Article 69 An insurance company shall be established as either: (1) a stock company with limited liability; or (2) a solely state-owned enterprise. Article 70 The establishment of an insurance company is subject to the approval of the financial supervision and regulation department. Article 71 To establish an insurance company, the following are required: (1) Articles of Association in compliance with this Law and the Company Law; (2) a minimum registered capital as prescribed in this Law; (3) senior management with professional knowledge and operational experience; (4) a sound organizational structure and management systems; and (5) business premises and other facilities commensurate with an insurance business in compliance with relevant operational requirements. When reviewing the application for the establishment of an insurance company, the financial supervision and regulation department shall take into consideration the development of the insurance industry and the need for fair competition. Article 72 The minimum amount of registered capital required for the establishment of an insurance company is Renminbi two hundred million yuan (RMB 200,000,000). The minimum amount of registered capital for the establishment of an insurance company shall be fully paid-up in monetary form. The financial supervision and regulation department may adjust the amount of the minimum registered capital, in accordance with the proposed scope of business and scale of operations; however, the minimum capital shall not be less than the amount stipulated in the first paragraph of this Article. Article 73 For the establishment of an insurance company, the applicant shall submit the following documents and materials: (1) a formal application letter for the establishment of an insurance company on which the name, registered capital and the scope of business of the proposed insurance company shall be specified; (2) a feasibility study report; and (3) other documents and information requested by the financial supervision and regulation department. Article 74 After the application of the establishment of an insurance company has initially been reviewed and approved, the applicant shall begin preparing for the establishment of the insurance company in accordance with this Law and the Company Law. Applicants who meet the requirements of establishment stipulated in Article 71 of this Law shall submit to the financial supervision and regulation department a completed form of formal application form together with the following documents and information: (1) the Articles of Association of the proposed insurance company; (2) a list of shareholders and their shares, or the investors and the amount of their investment; (3) a certificate of the credit standing and relevant information of those shareholders holding more than ten (10) percent of the company's shares; (4) a certificate verifying the paid-up capital issued by a legally authorized institution; (5) resumes and evidence of qualification of the proposed senior management; (6) operation strategy and business plan; (7) details of business premises and other facilities commensurate with an insurance business; and (8) other documents and information requested by the financial supervision and regulation department. Article 75 The financial supervision and regulation department shall make a decision approving or disapproving the application, within six (6) months from the date of the receipt of the formal application to establish an insurance company. Article 76 An insurance company which is granted approval shall be issued an insurance license by the approving department which shall be used to make registration with and obtain a business license from the Bureau of Administration for Industry and Commerce. Article 77 The insurance license will automatically become null and void if the insurance company fails to complete the company registration without any proper reasons, within six (6) months from the date of the receipt of the insurance license. Article 78 Upon its establishment, an insurance company shall deposit twenty percent (20 %) of its total registered capital with a bank designated by the financial supervision and regulation department as guarantee fund; this guarantee fund shall not be used except for covering debts when the company is liquidated. Article 79 An insurance company requires the approval of the financial supervision and regulation department before establishing any branch offices within and without the territory of the PRC and shall obtain insurance license for these branch offices. The branch offices of an insurance company do not possess the status of a legal person, and the civil liability shall be borne by the insurance company. Article 80 The establishment of a representative office by an insurance company within or without the territory of the PRC is subject to the approval of the financial supervision and regulation department. Article 81 Any of the following changes to an insurance company is subject to approval by the financial supervision and regulation department: (1) change of the name of the insurance company; (2) change in the amount of the registered capital; (3) change of business premises of the company or its branch offices; (4) change of the scope of the business; (5) division or merger of the insurance company; (6) amendment to its Articles of Association; (7) change of investors or shareholder who hold more than ten percent of the company's shares; or Other amendments as specified by the financial supervision and regulation department. An insurance company shall report any changes of its Chairman and General Manager to the financial supervision and regulation department for examination of their qualifications for the positions. Article 82 The provisions of the Company Law of the PRC shall apply to the organizational structure of an insurance company. Article 83 A solely state-owned insurance company shall have a Board of Supervisors, which comprises of representatives from the financial supervision and regulation department, relevant experts, and employees of the insurance company. The Board of Supervisors shall exercise supervision with respect to the allocation of technical reserves, the minimum solvency margin and the maintenance and increase of state owned assets as well as monitor its senior management in respect of violations of laws, the administration regulations or the Articles of Association and acts considered detrimental to the company's interest. Article 84 In the event of division, merger, or any cause for dissolution in accordance with the Articles of Association, such dissolution attaches only upon the approval of the financial supervision and regulation department. In accordance with laws, the insurance company shall form a liquidation task force to carry out the liquidation. Those insurance companies engaged in life insurance business shall not be dissolved, only divided or merged. Article 85 An insurance company shall be dissolved in the event that its insurance license is revoked by the financial supervision and regulation department due to the violation of laws, or administrative regulations. The financial supervision and regulation department shall promptly appoint a liquidation task force to carry out the liquidation procedures. Article 86 When an insurance company is unable to pay its debts when due and with the approval of the financial supervision and regulation department, the insurance company can be declared bankrupt by the People's Court in accordance with laws. In the event that an insurance company is declared bankrupt, the People's Court shall appoint a liquidation task force which is composed of members from the financial supervision and regulation department and other relevant personnel to carry out the liquidation. Article 87 When an insurance company engaged in life insurance business is revoked or declared bankrupt in accordance with laws, it shall transfer all of its life insurance contracts and technical reserves to other insurance companies engaged in life insurance business; if no agreement can be reached with respect to such transfer with other insurance companies, the financial supervision and regulation department shall designate insurance companies engaged in life insurance business to take them over. Article 88 When an insurance company is declared bankrupt in accordance with laws, the estate of the bankrupt insurer, after paying off the expenses of bankruptcy proceedings, shall be distributed in the following order: (1) wages, salaries and social insurance benefits due to its employees; (2) indemnity or payment of the insurance benefits; (3) taxes and duties due; and (4) servicing of the company debts. Where the estate is insufficient to cover all the claims within the same priority , then settlement shall be made on a pro-rata basis within that priority. Article 89 When an insurance company ceases its business operation in accordance with laws, its insurance license shall be revoked. Article 90 In the absence of provisions of this Law, the Company Law and other laws and administrative regulations shall be applied to such matters as the establishment of, changes to, dissolution and liquidation of an insurance company. CHAPTER IV INSURANCE OPERATIONAL RULES Article 91 The scope of the business of an insurance company shall be as follows: (1) Property insurance business which includes insurance against loss or damage to property, liability insurance and credit insurance; or (2) Insurance of persons business which includes life insurance, health insurance and accident and injury insurance. An insurer shall not concurrently engage in business of both property insurance and insurance of persons. The scope of the business of an insurance company is subject to the approval of the financial supervision and regulation department. An insurance company shall only operate its insurance business within the scope of business approved. Insurance companies which were established prior to the enactment of this Law shall divide their operations in accordance with the second paragraph of this Article in accordance with the stipulations of the State Council. Article 92 With the approval of the financial supervision and regulation department, an insurance company may engage in the following reinsurance business of the insurance business prescribed in the preceding article: (1) Outward reinsurance; and/or (2) Inward reinsurance. Article 93 Insurance companies engaged in insurance business other than life insurance, shall set aside a reserve for future claims from its premiums retained for the current year; and the amount set aside and carried forward shall be equal to fifty percent (50%) of the premiums retained for the current year. An insurance company engaged in life insurance shall set aside a reserve for future claims equal to the total net value determined actuarially on the total life insurance policies in force. Article 94 An insurance company shall set aside an outstanding loss reserve for the amount of insurance indemnity or the amount of the insurance benefits which have already been claimed, and for those amounts due for which the insured events have occurred, but which has not yet been claimed. Article 95 In addition to the reserve funds described in the preceding two articles, an insurance company shall set aside amounts into the accumulated reserve fund in accordance with the relevant State laws, administrative regulations and the stipulations of the State financial and accounting systems. Article 96 In order to protect the interests of the insured, and to ensure its own steady and healthy operation, an insurer shall contribute to an insurance guarantee fund in accordance with the regulations of the financial supervision and regulation department. The management of the insurance guarantee fund will be centralized, and applied on an industry basis. Article 97 An insurance company shall maintain a minimum solvency commensurate with the size of its business. The balance of its actual assets after deducting its actual liabilities shall be not less than the solvency margin stipulated by the financial supervision and regulation department. In the event that the balance is less than the solvency margin stipulated, its equity capital shall be replenished to make up the difference. Article 98 For those insurance companies engaged in property insurance business, the premiums retained for the current year shall not exceed more than four times the combined total of its paid-up capital and its accumulated reserve fund. Article 99 The liability borne by an insurance company for each risk unit, that is, the liability which might arise from the maximum loss or damage caused by the occurrence of a single insured event, shall not exceed ten (10) percent of the combined total of its paid-up capital and its accumulated reserve fund. Reinsurance shall be arranged for the portion in excess of this sum. Article 100 The method of calculation of a risk unit and the plan for managing the catastrophe risk of an insurance company shall be approved by the financial supervision and regulation department. Article 101 With the exception of life insurance business, an insurance company shall reinsure twenty (20) percent of each insurance contract it underwrites in accordance with the relevant State regulations. Article 102 Where an insurance company needs to place outward reinsurance business, it shall give priority to insurance companies established within the territory of the PRC. Article 103 The financial supervision and regulation department shall have the authority to restrict or prohibit insurance companies from ceding any outward reinsurance business to insurance companies established without the territory of the PRC or from accepting any inward reinsurance business from insurance companies established without the territory of the PRC. Article 104 An insurance company shall apply its funds in a conservative, sound and safe manner and ensure that the value of its assets is maintained and increased. The application of funds of an insurance company is limited to bank deposits, trading of government and financial bonds and other forms of fund application stipulated by the State Council. The funds of an insurance company shall not be applied to the establishment of any entity to trade bonds or securities or investment in enterprises. The specific fund application and the exact percentage of an insurance company's total fund allocated to each of them shall be stipulated by the financial supervision and regulation department. Article 105 An insurance company and its employees shall not commit any of the following acts in the course of its business operation: (1) deceiving the applicant, the insured or the beneficiary; (2) concealing from the applicant material information relevant to the insurance contract; (3) preventing the applicant from fulfilling his/her obligation of making a full and accurate disclosure stipulated under this Law or inducing him/her not to fulfill such obligation; or (4) promising the applicant, the insured or the beneficiary to give them premium rebates or other interests which are not specified in the insurance contract. CHAPTER V SUPERVISION AND ADMINISTRATION OF THE INSURANCE BUSINESS Article 106 The basic insurance clauses and premium rates for major types of commercial insurance shall be formulated by the financial supervision and regulation department. The insurance clauses and premium rates for other types of insurance formulated by an insurance company shall be filed with the financial supervision and regulation department . Article 107 The financial supervision and regulation department shall have the authority to inspect the operations of an insurance company, including its financial position and application of funds and shall have the authority to request an insurance company to submit relevant written reports and information within a prescribed period of time. An insurance company shall accept supervision and inspection in accordance with laws. Article 108 Where an insurance company fails to set aside or carry forward the various technical reserve funds, or transact reinsurance in accordance with this Law, or seriously violates the provisions of this Law governing the application of funds, then the financial supervision and regulation department shall direct the insurance company to take the following remedial actions within a prescribed period of time : (1) setting aside or carrying forward various technical reserve funds in accordance with laws; (2) transacting reinsurance in accordance with laws; (3) correcting the illegal application of funds; or (4) replacing its responsible senior management and relevant personnel involved. Article 109 In the event that an insurance company fails to correct the situation within the prescribed time, after it has been directed to do so by a decision of rectification of the financial supervision and regulation department in accordance with the preceding Article, the financial supervision and regulation department shall then select insurance professionals and appoint relevant personnel from the insurance company to form a rectification task force to carry out the rectification work of the said insurance company. The decision of rectification shall be publicized and shall specify the name of the insurance company, the reason for rectification, the composition of the rectification task force responsible for carrying out the rectification work as well as the date by which the rectification is to be completed. Article 110 In the course of the rectification, the rectification task force shall have the authority to supervise the daily business operation of the said insurance company. The responsible senior management and relevant personnel involved of the insurance company shall perform their respective functions under the supervision of the rectification task force. Article 111 In the course of the rectification, the existing business of the insurance company may be continued. The financial supervision and regulation department shall, however, have the authority to prevent the insurance company from developing new business; or to suspend part of its business; or to modify its application of funds. Article 112 Where an insurance company under rectification has already corrected its act in violation of this Law and has resumed its normal business operations, the rectification shall cease after the submission of a report by the rectification task force and obtaining an approval by the financial supervision and regulation department. Article 113 Where an insurance company violates the provisions of this Law and hinders the social public interest, by which it might seriously threaten or has already threatened its solvency, the financial supervision and regulation department may implement a take-over of the said insurance company. The purpose of such a take-over is to adopt measures which are necessary to protect the interests of the insured and resume the normal operations of the insurance company. The relationship of the credits and debts of the insurance company taken over shall not change as a result of the take-over. Article 114 The composition of the take-over task force and the take-over procedures shall be determined and publicized by the financial supervision and regulation department. Article 115 When the term of the take-over expires, the financial supervision and regulation department may determine to extend it. However, the maximum term of the take-over may not exceed two (2) years. Article 116 When the term of the take-over expires and the insurance company has resumed its normal operational capacity, then the financial supervision and regulation department may determine to terminate the take-over. If the takeover task force is of the opinion that the assets of the insurance company which has been taken over are no longer sufficient to meet its liabilities, then the take-over task force may, with the approval of the financial supervision and regulation department, apply to the People's Court to have the said insurance company declared bankrupt in accordance with laws. Article 117 An insurance company shall submit its business reports, financial and accounting reports and related statements for the preceding year to the financial supervision and regulation department within three (3) months after the end of each fiscal year, and publicize such reports and statements in accordance with laws. Article 118 An insurance company shall submit to the financial supervision and regulation department its business statistics statements for the preceding month by the end of each month. Article 119 Insurance companies engaging in insurance of persons must appoint and employ actuarial professionals recognized by the financial supervision and regulation department and establish an actuarial reporting system. Article 120 The insurer and the insured may employ independent loss adjusting companies established in accordance with laws or experts having statutory qualifications, to carry out adjustments and assessments of losses and damages resulting from the occurrence of insured events. Article 121 Insurance companies shall maintain complete accounting records, original vouchers and certificates as well as relevant information with respect to their business operations. The accounting records, original vouchers and certificates as well as other relevant information prescribed in the preceding paragraph should be maintained for not less than ten (10) years beginning from the date of the termination of the contract. CHAPTER VI INSURANCE AGENTS AND INSURANCE BROKERS Article 122 An insurance agent means an entity or an individual, that has been delegated by an insurer and collects handling fees therefrom, to transact insurance business on behalf of the insurance company within the scope of the delegated authority. Article 123 An insurance broker means an entity which, based on the interests of the applicant, provides intermediary services between the applicant and the insurer so that they enter into an insurance contract and receives a commission in accordance with laws. Article 124 The insurer shall be held liable for the acts of its insurance agents when they transact insurance business on behalf of the insurance company in accordance with their delegated authority. Agents of insurance companies engaged in insurance of persons shall not accept delegation from more than one insurer concurrently. Article 125 An insurance broker shall be liable for damages or losses caused to the applicant or the insured due to the negligence of the insurance broker in the course of transacting insurance business. Article 126 An insurance agent, or an insurance broker shall not take advantage of his/her administrative role, the privilege of the position or the authority or other unfair means to coerce, induce or restrict insurance applicants to enter into an insurance contract. Article 127 An insurance agent or an insurance broker shall meet the qualification requirements set forth by the financial supervision and regulation department and shall obtain an insurance agent license or an insurance broker license issued by the financial supervision and regulation department; shall register with the authority of industry and commerce administration to obtain a business license and shall pay a guarantee deposit or buy a professional indemnity insurance policy. Article 128 An insurance agent or an insurance broker shall have his/her own business premises, maintain separate accounting records solely for recording revenues and expenses in connection with the transactions they handle and shall be subject to the supervision of the financial supervision and regulation department. Article 129 An insurance company shall establish a registration book of their insurance agents. Article 130 The provisions of Article 105, 107 and 117 of this Law shall apply to insurance agents and insurance brokers. CHAPTER VII LEGAL RESPONSIBILITIES Article 131 An applicant, an insured or a beneficiary, who commits insurance fraud by conducting any of the following acts which constitutes a crime, shall be subject to criminal proceedings in accordance with laws: (1) the applicant deliberately falsifying the subject matter of the insurance, whereupon an insurance claim is fraudulently made; (2) falsely alleging the occurrence of an insured event which in fact has not occurred, whereupon an insurance claim is fraudulently made; (3) deliberately causing the occurrence of an insured event which leads to property damage, whereupon an insurance claim is fraudulently made; (4) deliberately causing the occurrence of an insured event in the insurance of persons, which leads to the death, injury or illness of the insured, whereupon an insurance claim is fraudulently made; or (5) forging or altering evidence, information and other proof, which are related to the insured event, or abetting, instigating or bribing others to provide false evidence, information or other proofs, fabricating the cause of the insured event or overstating the extent of loss, whereupon an insurance claim is fraudulently made. Administrative sanctions shall be imposed, in accordance with the relevant stipulations of the State, if any of the conducts prescribed in the preceding paragraph does not constitute a crime. Article 132 In the course of transacting insurance, an insurance company or its personnel which conceals material information with respect to the insurance contract, which deceives the applicant, the insured or the beneficiary, or which declines to fulfill its obligation of indemnity or payment of the insurance benefits in accordance with the contract, is subject to criminal proceedings in accordance with laws if the circumstances constitute a crime. If the circumstances do not constitute a crime, the insurance company is subject to the assessment of a fine imposed by the financial supervision and regulation department of not less than Renminbi ten thousand yuan (RMB 10,000), nor more than fifty thousand yuan (RMB 50,000); personnel who are in violation of laws shall be subject to administrative sanctions, and a fine of up to Renminbi ten thousand yuan (RMB 10,000). In the course of transacting insurance, an insurance company or its personnel who prevents the applicant from fulfilling his/her obligation of making a full and accurate disclosure, induces the applicant not to fulfill his/her obligation of making a full and accurate disclosure, or promises to give illegal premium rebates or other interests to the applicant, the insured or the beneficiary, shall be subject to the direction of the financial supervision and regulation department to correct the conduct, and the insurance company shall be subject to a fine of not less than Renminbi ten thousand yuan (RMB 10,000), nor more than Renminbi fifty thousand yuan (RMB 50,000); the personnel who are in violation of laws shall be subject to administrative sanctions and a fine of up to Renminbi ten thousand yuan (RMB 10,000). Article 133 If in the course of transacting insurance business, an insurance agent or an insurance broker deceives the applicant, the insured or the beneficiary, then the financial supervision and regulation department may direct the matter to be corrected and impose a fine of not less than Renminbi ten thousand yuan (RMB 10,000), nor more than fifty thousand yuan (RMB 50,000). If the conduct is considered to be severe, the insurance agent license or the insurance broker license shall be revoked. If the conduct constitutes a crime, the offender shall be subject to the criminal proceedings in accordance with laws. Article 134 Personnel of an insurance company shall be subject to criminal proceedings in accordance with laws, if he/she takes the advantage of his/her position, or deliberately falsifies the occurrence of an insured event which did not occur, or makes false settlement of a claim for the purpose of receiving a fraudulent payment. Article 135 Anyone who violates the provisions of this Law and establishes an insurance company without approval, or illegally transacts commercial insurance activities, shall be subject to criminal proceedings in accordance with laws, and the action by the financial supervision and regulation department. If the circumstances are not material enough to constitute a crime, administrative sanctions shall be imposed. Article 136 Anyone who violates the provisions of this Law, and transacts insurance business beyond the scope of business approved, shall be subject to the direction of the financial supervision and regulation department to correct the conduct and return the premiums collected; if there are any illegal gains derived therefrom, they shall be confiscated, and a fine shall be imposed of not less than one, nor more than five times the illegal gains; in the event that there are no illegal gains, he/she will be subject to a fine of not less than Renminbi one hundred thousand yuan (RMB 100,000) nor more than Renminbi five hundred thousand yuan (RMB 500,000). In the event that the company fails to carry out the required correction within a prescribed period of time or where severe circumstances result, the financial supervision and regulation department shall direct that all operations shall cease and shall be corrected, or the company's insurance business license shall be revoked. Article 137 Anyone who violates the provisions of this Law and changes the information and details such as the name of the insurance company, Articles of Association, registered capital, business premises of the insurance company or its branches without approval, shall be subject to the direction of the financial supervision and regulation department for correction and a fine of not less than Renminbi ten thousand yuan (RMB 10,000), nor more than Renminbi one hundred thousand yuan (RMB 100,000). Article 138 Anyone who violates the provisions of this Law, and commits any of the following acts, shall be subject to the direction of the financial supervision and regulation department for correction and a fine of not less than Renminbi fifty thousand yuan (RMB 50,000) nor more than Renminbi three hundred thousand yuan (RMB 300,000); where the circumstances are severe, the financial supervision and regulation department may restrict the scope of business, direct the company to cease accepting new business or revoke the insurance business license: (1) failing to set up a guarantee fund or violating the stipulations regarding the application of the guarantee fund; (2) failing to set aside or carry forward a reserve for future claims, or set aside an outstanding loss reserve, as required; (3) failing to contribute to the insurance guarantee fund or the accumulated reserve fund as required; (4) failing to effect outward reinsurance as required; (5) violating the regulations governing the application of the funds of the insurance company; (6) establishing branches or representative offices without approval; or (7) carrying out a division or a merger of the company without approval. Article 139 Anyone who violates of the provisions of this Law and commits either of the following acts, shall be subject to the direction of the financial supervision and regulation department to correct the breach, and a fine of not less than Renminbi ten thousand yuan (RMB 10,000), nor more than Renminbi one hundred thousand yuan (RMB 100,000) if he/she fails to correct the breach within a prescribed period of time: (1) failing to submit relevant reports, statements, documents and information in accordance with laws or the regulations; or (2) failing to file the insurance clauses and premium rates for its proposed insurance products as required. Article 140 Anyone who violates the provisions of this Law, and commits either of the following acts, shall be subject to the direction of the financial supervision and regulation department for correction, and a fine of not less than Renminbi one hundred thousand yuan (RMB 100,000) nor more than Renminbi five hundred thousand yuan (RMB 500,000): (1) submitting false reports, statements, documents and information; or (2) refusing to accept or hindering lawful examination and supervision. Article 141 Anyone who violates the provisions of this Law, and commits any of the following acts, shall be subject to the direction of the financial supervision and regulation department to correct the breach, and a fine of not less than Renminbi fifty thousand yuan (RMB 50,000), nor more than Renminbi three hundred thousand yuan (RMB 300,000): (1) retaining for its own account excessive insurance exposures which is regarded as having committed a serious breach; or (2) undertaking to provide life insurance where death is the prerequisite for the payment of the insurance benefits, for those who have no civil legal capacity. Article 142 Anyone who violates the provisions of this Law, and illegally transacts insurance agent business or insurance brokerage business without an insurance agent license or insurance broker license, shall be subject to action by the financial supervision and regulation department, and forfeiture of illegal gains, and a fine of not less than five, nor more than ten times as much as the illegal gains. In the event that such offenses are serious enough to constitute a crime, the person shall be subject to criminal proceedings in accordance with laws. Article 143 The financial supervision and regulation department may, in accordance with relevant circumstances, issue warnings to, direct a replacement of or impose a fine of not less than Renminbi five thousand (RMB 5,000) yuan, nor more than Renminbi fifty thousand (RMB 50,000) yuan on the senior management of an insurance company who are directly responsible for, as well as the personnel directly involved in the offense that is not in compliance with the provisions of this Law, but which does not constitute a crime. Article 144 Anyone who violates this Law and causes damage or loss to others, shall be subject to civil proceedings in accordance with laws. Article 145 Administrative sanctions will be imposed upon anyone who approves the application for the establishment of an insurance company which is not in compliance with the stipulated requirements of this Law, or who approves the application of insurance agents or insurance brokers which is not in compliance with the stipulated requirements of this Law. In the event that such acts are serious enough to constitute a crime, the person shall be subject to criminal proceedings in accordance with laws. Article 146 Anyone in the financial supervision and regulation department, in supervising and regulating power over the insurance industry, who abuses his/her administrative power, gets involved in economic corruption or is derelict in his/her duty, practices favoritism for personal interests or neglects his duty, shall be subject to criminal proceedings if the conduct is serious enough to constitute a crime; or shall be subject to administrative sanctions if the conduct does not constitute a crime. Article 147 The Maritime Law of the PRC is applicable to marine insurance. For the matters where the Maritime Law does not specify, this Law shall be applicable. CHAPTER VIII SUPPLEMENTARY PROVISIONS Article 148 The establishment of a joint-venture insurance company with foreign equity or the establishment of branches within the territory of the PRC by foreign insurance companies shall be governed by this Law, or other laws and administrative regulations if they provide otherwise. Article 149 The State encourages those insurance businesses which facilitate the development of agricultural production. Agricultural insurance shall be governed by laws and administrative regulations to be promulgated separately. Article 150 Insurance institutions other than insurance companies as defined by this Law shall be governed by laws and administrative regulations to be promulgated separately. Article 151 Insurance companies established upon approval in accordance with the regulations of the State Council prior to the enactment of this Law shall remain operative. Those which do not fully meet the requirements stipulated in this Law shall satisfy the requirements within a prescribed period of time. Specific measures shall be formulated by the State Council. Article 152 This Law shall become effective on October 1, 1995. |
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