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INSURANCE LAW OF THE PEOPLES REPUBLIC OF CHINA
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(Adopted at the 14th Session of the Standing Committee of the
Eighth National Peoples Congress on June 30, 1995, and promulgated
by Order No. 51 of the President of the Peoples Republic of China
on June 30, 1995)

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 Operational Rules Governing Insurance
Chapter V Supervision and Control over Insurance Business
Chapter VI Insurance Agent and Insurance Broker
Chapter VII Legal Responsibility
Chapter VIII Supplementary Provisions
Chapter I General Provisions


Article 1 This Law is enacted with the purpose of regulating
insurance activities, protecting the legitimate rights of the parties
to insurance, strengthening supervision and control over the insurance
business and contributing to the healthy development of the insurance
industry.

Article 2 Insurance as the term is used in this Law means a commercial
insurance whereby and insurance applicant, as contracted, pays the
insurance premium to the insurer, and the insurer bears a liability to
indemnify for property damage or losses caused by occurrence of possible
accidents that are agreed upon in the contract, or to pay the insurance
benefit when the insured person dies, is injured or disable, suffers
diseases or reaches the age or term agreed upon in the contract.

Article 3 This Law shall apply to all insurance activities within the
territory of the People’s Republic of China.


Article 4 Whoever, in engaging in insurance activities, must abide by
laws and administrative regulations and follow the principle of
voluntariness, honesty and trustworthiness.

Article 5 Those who engage in the commercial insurance business must
be insurance companies which are established in accordance with this Law.
No other units or individuals may engage in the commercial insurance
business.

Article 6 Legal entities and other organization within the territory
of the People’s Republic of China, when necessary to buy insurance
policies within the territory, shall effect the insurance from the
insurance companies within the territory of the People’s Republic of
China.

Article 7 Insurance companies shall, in carrying on the insurance
business, follow the principle of fair competition and may not engage in
unfair competition.

Article 8 The financial supervision and control department of the
State Council is responsible for supervision and control over the
insurance business in accordance with this Law.

Chapter II Insurance Contract

Section 1 General Provisions

Article 9 An insurance contract is an agreement whereby the relation
of rights and obligations of an insurance applicant and the insurer is
stipulated. An insurance applicant means a person who concludes an
insurance contract with an insurer and undertakes a liability to pay the
insurance premium as contracted. An insurer means an insurance company
which concludes insurance contracts with insurance applicants and bears
the liability to indemnify or to pay the insurance benefit.

Article 10 In making insurance contracts, applicants and insurers
shall follow the principles of fairness, mutual benefits, unanimity
through negotiation and voluntariness, and may not harm the interests of
the social public. With the exception of those that must be insured as
provided by laws and administrative regulations, insurance companies and
other units may not force others entering into insurance contracts.

Article 11 An insurance applicant shall have an insurable interest
over the subject-matter insured. In case that an applicant has no
insurable interest over the subject-matter insured, the insurance contract
shall not be binding. An insurable interest means an interest that an
applicant has over the subject-matter insured, of which is recognized by
laws. As subject-matter insured means the property and its related
interests, or the life expectancy and human body which serve as insurance
objects.

Article 12 When an insurance applicant proposes an insurance request,
and an insurer agrees to accept the proposal, and after an agreement on
contract clauses is reached, the insurance contract shall be deemed as
concluded. The insurer shall promptly issue an insurance policy or other
certificates of insurance to the applicant, and the insurance policy or
other certificates of insurance shall contain and specify the contents of
the contract agreed upon by both parties. Upon consent through
negotiation, an applicant and an insurer may also conclude an insurance
contract in writing in other forms other than those provided in the
preceding paragraph.

Article 13 After an insurance contract is concluded, the applicant
shall pay the insurance premium as contracted and the insurer shall bear
the insurance liability from the time of commencement as contracted.

Article 14 Unless this Law otherwise provides or the insurance
contract otherwise stipulates, the applicant may terminate the insurance
contract after its conclusion.

Article 15 Unless this Law otherwise provides or the insurance
contract otherwise stipulates, the insurer may not terminate the insurance
contract after its conclusion.

Article 16 Before an insurance contract is signed, the insurer shall
disclose to the applicant the contents of clauses of the contract, and
also may make inquiry on conditions relating to the subject-matter to be
insured or the person to be insured, and the applicant shall disclose
thereto truthfully.

If the applicant intentionally conceals facts, fails intentionally to
execute the truthfully-reporting responsibility, or fails to execute the
truthfully-reporting responsibility due to mistake, which is sufficient
enough to affect the insurer in deciding whether or not to agree to the
insurance or to raise the insurance premium rate, the insurer shall have
the right to terminate the insurance contract. Where the applicant fails
intentionally to execute the truthfully-reporting responsibility, the
insurer will not bear the liability to indemnify or to pay the insurance
benefit for the insurance accidents that occur prior to the termination of
the insurance contract, and will not return the insurance premium. Where
the applicant fails to execute the truthfully-reporting responsibility due
to mistake and where the failure has a serious baring over the occurrence
of the insurance accident, the insurer will not bear the liability to
indemnify or to pay the insurance benefit for the insurance accident that
happens prior to the termination of the insurance contract, however, may
return the insurance premium. An insurance accident mean an accident that
falls in the scope of insurance liability as contracted.

Article 17 Where an insurance contract contains clauses on liability
exemption of the insurer, the insurer shall disclose them clearly to the
applicant before the insurance contract is signed, and if the insurer
fails to make it clear to the applicant, such clauses will not have
binding force.

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, as well as
the name and address of the beneficiary to a life insurance policy;
3. subject-matter insured;
4. insurance liability and liability exemption;
5. insurance period and the time of commencement of the insurance
liability;
6. insured value;
7. insured amount;
8. insurance premium and mode of payment;
9. mode of payment of insurance indemnity or insurance money;
10. responsibility for breach of contract and dispute settlement; and
11. the day, month and year on which the contract is signed.

Article 19 An insurance applicant and an insurer may make other
stipulations on matters and items related to the insurance other than
those particulars of the insurance contract as provided in the preceding
article.

Article 20 Within the validity period of an insurance contract, the
applicant and the insure may, upon agreement through negotiation, modify
relevant contents of the insurance contract. Where an insurance contract
is modified, the insurer shall mark notes or attach slip on the original
insurance policy or other insurance certificates, or the applicant and the
insurer shall make an agreement in writing on such modifications.

Article 21 At the time of being aware of the occurrence of an
insurance accident the applicant, the insured or the beneficiary, shall
timely notify the insurer. An insured means a person whose property or
body is guaranteed by the insurance contract, and who enjoys the right of
claim over the insurance benefit. An applicant may be an insured. A
beneficiary means a person who enjoys the right of claim over the
insurance benefit as designated by insured or the applicant in life
insurance contract. An applicant or an insured may be a beneficiary.

Article 22 At the time of requesting the insurer, in accordance with
the insurance contract, for indemnity or payment of the insurance benefit
after the occurrance of an insurance accident the applicant, the insured
or the beneficiary shall provide to the insurer the relevant proofs and
materials, as much as they can provide, so as to determine the nature,
cause and degree of loss of the accident. The insurer who considers
relevant proofs and materials as incomplete according to the stipulations
of the insurance contract shall notify the applicant, the insured or the
beneficiary to submit additional relevant proofs and materials.

Article 23 The insurer shall, after receiving claims for indemnity or
payment of insurance benefit from the insured or the beneficiary, timely
come to a decision, as for those within the insurance liability, he shall
execute the liability of indemnity or payment of the insurance benefit
within 10 days after reaching an agreement over the indemnity or payment
of the insurance benefit with the insured or the beneficiary. If the
insurance contract has the stipulations on insured amount and the period
for indemnity or payment, the insurer shall, as contracted, execute the
liability of indemnity or payment of the insurance benefit. Apart from
paying the insurance benefit, the insurer who fails timely to execute the
liability as provided in the preceding paragraph shall indemnify the
insured or the beneficiary for losses therefrom. No unit or individual may
illegally interfere the insurer from executing the liability over
indemnity or payment of the insurance benefit, and may either restrict the
rights of the insured or the beneficiary in obtaining the insurance
benefit. The insured amount means the maximum measure of indemnity or
payment of the insurance benefit by the insurer.

Article 24 After an insurer receives the request made by an insured or
a beneficiary on indemnity or payment of the insurance benefit, as for
those not falling under the insurance liability, the insurer shall issue a
notice of refusal to indemnify or to make payment of the insurance benefit
to the insured or the beneficiary therefore.

Article 25 An insurer who fails to determine the amount of indemnity
or payment of the insurance benefit within 60 days from the date on which
the request for indemnity or payment of the insurance benefit as well as
relevant proofs and materials are received, shall pay the minimum amount
which can be determined by the proofs and materials already available;
after determining eventually the amount of indemnity or payment of the
insurance benefit, the insurer shall pay the corresponding gap.

Article 26 The right of claim for indemnity or payment of the
insurance benefit of the insured or beneficiary of any other insurance
other than the life insurance shall, if not executed in two year from the
date of being aware of the occurrence of the insurance accident, cease to
exist. The right of claim for payment of the insurance benefit of the
insured or the beneficiary of life insurance shall if not executed in five
years from the date of being aware of the occurrence of the insurance
accident, cease to exist.

Article 27 If the insured or the beneficiary, under the circumstance
that no insurance accident happens, lies about the occurrence of the
accident and makes request for indemnity or payment of the insurance
benefit to the insurer, the insurer shall have the right to terminate the
insurance contract and will not return the insurance premium. If the
applicant, the insured or the beneficiary intentionally causes an
insurance accident, the insurer shall have the right to terminate the
insurance contract, will not bear the liability over indemnity or payment
of the insurance benefit, and will not return the insurance premium with
the exception of separate provisions in the first paragraph of Article 64
of this Law. If the applicant, the insured or the beneficiary, after the
occurrence of an insurance accident, forges or alters relevant proofs
materials or other evidences so as to provide false things account for the occurrence of the accident or to overstate the losses, the insurer shall
not bear the liability over indemnity or payment of the insurance benefit
for the part falsified. The applicant, the insured or the beneficiary, who
commits one of the acts mentioned in the foregoing three paragraphs and
causes the insurer make payment of the insurance benefit or expenses,
shall return the payment or make compensation.

Article 28 When an insurer, in the form of underwriting, transfers
partially its insurance business it undertakes to other insurers, this is
called a reinsurance. At the request by a reinsurance acceptor, the
outward reinsurer shall notify the reinsurance acceptor the relevant
information on its self-born liability and the original insurance.

Article 29 Reinsurance acceptors may not demand the applicants of the
original insurance to pay the insurance premium. The insured or the
beneficiary of the original insurance may not claim for indemnity or
payment of the insurance benefit form the reinsurance acceptor. The
outward reinsurer may not, at the excuse that the reinsurance acceptor
fails to execute the reinsurnce liability, refuse or delay in executing
the original insurance liability.

Article 30 When the insurer has disputes on the contents of an
insurance contract with the applicant, the insured or the beneficiary, the
people’s court or arbitration organ shall make interpretation and
explanation favorable to the insured and the beneficiary.

Article 31 The insurer or reinsurance acceptors shall be liable to
keep under secret and confidential conditions the business and property
information of the applicants, the insured or the outward reinsurers,
which they get to know in carrying on the insurance business.

Section 2 Property Insurance Contract

Article 32 A property insurance contract means an insurance contract
under which the property and its related interest are the subject-matter
insured. Property insurance contract in this Section, unless especially
specified, is abbreviated as contract.

Article 33 The transfer of subject-matter insured shall be informed to
the insurer, and upon agreement to continue to underwrite by the insurer,
the contract shall be modified according to law. However, insurance
contracts of cargo transportation and contracts with otherwise
stipulations shall be excluded.

Article 34 After the commencement of the insurance liability of
insurance contracts of cargo transportation and voyage insurance contracts
of transport means, the parties to such contracts may not terminate the
contracts.

Article 35 The insured shall abide by the State抯 regulations relating
to the fire fighting, safety, production operation and labor protection,
so as to ensure the safety of the subject-matter insured. The insurer may,
as contracted, carry out inspection into the safety condition of the
subject-matter insured, and timely make written suggestions on eliminating
factors and hidden dangers to the applicant and the insured. Where the
applicant or the insured fails to execute this due responsibility on the
safety of the subject-matter insured as contracted, the insurer shall have
the right to demand for increase in the insurance premium or to terminate
the contract. For the purpose of ensuring the safety for the subject-
matter insured, the insurer may, upon consent by the insured, take safety
preventive measures.

Article 36 If, within the validity period of a contract, the degree of
danger of the subject-matter insured increases, the insured shall timely
notify the insurer as contracted, the insurer shall have the right to
demand for increase in the insurance premium or to terminate the contract.
Where the insured fails to execute the notification responsibility
provided in the preceding paragraph, and an insurance accident thereby
occurs due to the increase in the degree of danger of the subject-matter
insured, the insurer will not bear the liability for indemnity.

Article 37 Under any of the following circumstances and unless the
contract has otherwise stipulations, the insurer shall lower the insurance
premium, and return the corresponding insurance premium calculated on a
daily basis: 1. relevant circumstances on which the determination of
insurance premium rate was based has undergone changes, and degree of
danger of the subject-matter insured has obviously reduced, or 2.
insurable value of the subject-matter insured has obviously reduced.

Article 38 If an applicant requests to terminate the contract prior to
the commencement of an insurance liability, he shall pay a handling fee to
the insurer and the insurer shall return the insurance premium. If an
applicant request to terminate the contract after commencement of an
insurance liability, the insurer may charge the insurance premium due from
the date on which the insurance liability begins to the date on which the
contract is terminated, the remaining part shall be returned to the
applicant.

Article 39 Insurable value of a subject-matter insured may be
determined by the applicant and the insurer and be contained in the contract, and also may be determined according to the actual value of the
subject-matter insured at the time that the insurance accident occurs. The
insured amount may not exceed the insurable value, if exceeding, the part
in excess shall be invalid. Where the insured amount is lower than the
insurable value, unless the contract has separate stipulations, the
insurer will bear the liability for indemnity according to the percentage
of the insured amount of the insurable value.

Article 40 An Applicant of a double insurance shall notify each
insurer on relevant conditions of the double insurance. If the total
insured amount of a double insurance exceeds the insurable value, the
total amount of indemnity to be made by all insurers may not exceed the
insurable value. Unless the contract has otherwise stipulations, each
insurer will bear the liability for indemnity according to the percentage
of its insured amount to the total insured amount. A double insurance
means an insurance under which an applicant concludes separate insurance
contracts with two or more than two insurers on the same subject-matter
insured, the same insurable interest and the same insurance accident. A
double insurance means an insurance under which an applicant concludes
separate insurance contracts with two or more than two insurers on the
same subject-matter insured, the same insurable interest and the same
insurance accident.

Article 41 If an insurance accident occurs, the insured shall have the
duty to take necessary measures to prevent or minimize the losses. After
the occurrence of an insurance accident, the necessary and reasonable
expenses sustained by the insured in preventing or minimizing the losses
of the subject-matter insured shall be on the insurer account, the amount
on the insurer account shall be calculated separately from the indemnity
for the losses of the subject-matter insured, the maximum amount may not
exceed the insured amount.

Article 42 Where partial loss occurs to the subject-matter insured,
the applicant may terminate the contract within 30 days after the insurer
has made indemnity. Except otherwise provided for, the insurer may also
terminate the contract. The insurer who intends to terminate the contract
shall notify the applicant 15 days in advance, and shall return the
insurance premium on the undamaged part of the subject-matter insured to
the applicant after deducting the part receivable for the period from the
date of the commencement of insurance liability to the date on which the
contract is terminate.

Article 43 Where the insurer, after the occurrence of an insurance
accident, has made full payment of the insured amount, and the insured
amount is equal to the insurance value, all rights of the damaged subject-
matter insured shall belong to the insurer, if the insured amount is lower
than the insurance value, the insurer shall obtain the part of rights of
the damaged subject-matter insured according to the percentage of the
insured amount to the insurance value.

Article 44 If an insurance accident is caused by damage over the
subject-matter insured by a third party, the insurer will, from the date
of making payment of the insurance benefit to the insured, execute the
right of subrogation in claiming for indemnity over the said third party
within the limit of indemnity. Where the insured has obtained indemnity
from the third party for the loss after the occurrence of an insurance
accidents as provided in the preceding paragraph, the insurer may, when
making payment of the insurance benefit, deduct the amount which the
insured has already obtained from the third party. When the insurer
execute the right of subrogation for indemnity as provide in the first
paragraph, it does not affect the right of claim of the insured against
the third party for compensation on the part which has not been
compensated yet.

Article 45 If the insured, after the occurrence of an insurance
accident and before the insurer makes payment of the insurance benefit,
waives his rights of claim for indemnity against the third party, the
insurer will not bear the liability of indemnity for the insurance
benefit.

If, after the insurer has paid indemnities to the insured, the insured
forfeits the right to indemnities from the third pary, the act is invalid.

If, due to the fault of the insured, the insurer cannot subrogate the
insured to exercise the right to claim for indemnities, the insurer shall
reduce the payment of insurance money correspondingly.

Article 46 With the exception that family members or component persons
of the insured intentionally cause the insurance accidents provided in
Paragraph 1 of Article 44 of this Law, the insurer may not execute the
right of subrogation for indemnity to the family members or component
persons.

Article 47 When the insurer executes the right of subrogation against
the third party for indemnity, the insured shall provide necessary
documents and relevant information within its knowledge to the insurer.

Article 48 Necessary and reasonable expenses paid by the insurer and
the insured for the purpose of investigating and determining the nature
and cause of the insurance accident and the degree of losses of the
subject-matter insured shall be born by the insurer.

Article 49 If the insured of a liability insurance causes damage and
loss to a third party, the insurer may, in accordance with the provisions
of laws or the stipulations in the contract, directly make payment of the
insurance benefit to the third party. A liability insurance means an
insurance in which the liability for indemnity due of the insured to the
third party is the subject-matter insured.

Article 50 If the insured of a liability insurance is brought to
arbitration or legal proceedings due to an insurance accident in which
damage or loss is caused to a third party by the insured, unless the
contract contains otherwise stipulations, the insurer shall bear the
arbitration or court charges as well as other necessary and reasonable
expenses paid by the insured.

Section 3 Life Insurance Contract

Article 51 A life insurance contract is an insurance contract in which
life expectancy and human body serve as the subject-matter insured. Life
insurance contract, unless especially specified, is abbreviated as
contract in this Section.

Article 52 An insurance applicant has the insurable interest over the
following persons:
1. the applicant himself;
2.his spouse, children and parents, and
3.other family members or near relatives, other than those listed in
the preceding item, with whom the applicant fosters, cares of or has a
support relationship.

Excluding the provisions of the preceding paragraph, if the insured
agrees the applicant to conclude a contract for him, it shall be deemed
that the applicant has insurable interest over the insured.

Article 53 If the age of the insured declared by applicant is not true
to fact, and the actual age fails to be in conformity with the age limit
as agreed upon in the contract, the insurer may terminate the contract,
and return the insurance premium to the applicant after deducting the
handling fees, however, the contract which has been served for more than
two years into since its conclusion shall be excluded. If the age of the
insured declared by the applicant is not true to fact, which hereby causes
the applicant paying an insurance premium less than the insurance premium
payable, the insurer shall have the right to correct it and demand the
applicant to make up the insurance premium, or pay the insurance benefit
according to the percentage of the actually paid insurance premium to the
insurance premium payable. If the age of the insured declared by the
applicant is not true to fact, which hereby causes the applicant paying an
insurance premium more than the insurance premium payable, the insurer
shall return the insurance premium collected in excess to the applicant.

Article 54 An applicant may not effect a life insurance for persons
without civil capacity, in which death is the prerequisite for payment of
the insurance benefit, and the insurer may not accept it. Life insurance
effected by parents for their minor children shall not be restricted by
the provisions of the preceding paragraph, however, the total amount of
the insurance benefit paid at their death may not exceed the limit
stipulated by the financial supervision and control department.

Article 55 A contract in which death is the prerequisite for payment
of the insurance benefit, unless approved by the insured in writing and
agreed on the insured amount, shall be deemed as invalid and void. An
insurance policy issued according to a contract in which death is the
prerequisite for payment of the insurance benefit, unless with written
approval by the insured, may not be assigned or mortgaged. Life insurance
effect by parents for their minor children shall not be limited by the
provisions of the first paragraph.

Article 56 An applicant, after the contract is signed, may pay full
insurance premium in one installment to the insurer, and also may pay the
insurance premium in installments as contracted. Where a contract
stipulates the insurance premium to be paid in installments, the applicant
shall pay the initial payment of insurance premium at the time the
contract is entered into, and shall pay the insurance premium for various
remaining installments as scheduled.

Article 57 In case a contract stipulates the payment of the insurance
premium to be make in installments, after the applicant has paid the first
installments of the premium, but fails to pay the current installment of
the premium 60 days as scheduled, the force of the contract will cease to
exist, unless the contract contains otherwise stipulations, or, the
insurer shall reduce the insured amount according to the terms stipulated
in the contract.

Article 58 Upon agreement through negotiation by the insurer and the
applicant and after the applicant makes up the payment of the insurance
premium, the force of a contract which ceases according to the provisions
of the preceding paragraph, may be resumed. However, in the case when the
two sides fail to reach agreement within two years after the termination
of the contract, the insurer has the right to terminate the contract. If
the contract is terminated as provided for in the preceding
paragraph, the insurer shall return the cash value of the insurance
policies as agreed upon in the contract if the insurant has paid up
insurance premium for more than two full years. If the insurant has not
paid up the premium for less than two years, the insurer shall return the
premium paid after deducting the commissions.

Article 59 The insurer may not resort to legal proceedings to demand
the applicant to pay the insurance premium of life insurance.

Article 60 The beneficiary of life insurance shall be appointed by the
insured or the applicant. The applicant must be subject to approval by the
insured when appointing the beneficiary. If the insured is a person
without civil capacity or a person with limited civil capacity, his
guardian may appoint the beneficiary.

Article 61 An insured or an applicant may appoint one or several
persons as the beneficiary. If the beneficiary includes several persons,
the insured or the applicant may decide the order for benefit and their
shares of benefits if no share of the benefit is decided, the
beneficiaries shall have the equal amount of rights on benefit.

Article 62 An insured or an applicant may change the beneficiary and
shall notify the insurer in writing. The insurer shall, after receiving
the written notification on the change of beneficiary, mark it on the
insurance policy. An applicant must be subject to approval by the insurer
when changing the beneficiary.

Article 63 Under one of the following circumstances, the insurance
benefit shall be treated as the legacy of the insured who dies, and the
insurer shall execute its liability of payment of the insurance benefit to
the heir of the insured:
1. without any person appointed as the beneficiary;
2. The beneficiary dies earlier than the insured, and there is no
other beneficiary; and
3. the beneficiary loses usufruct or waives the usufruct, and there is
no other beneficiary.

Article 64 If an applicant or a beneficiary intentionally causes the
death of, injury to, disability or disease of the insured, the insurer
will not bear the liability of payment of the insurance benefit. If the
applicant has already paid in full the insurance premium for two years or
more, the insurer shall, as contracted, return the cash value of the
insurance policy to other entitled beneficiary. Any beneficiary, who
intentionally causes the death of, injury to, or disability of the
insured, or attempts intentionally to murder the insured, will lose his
usufruct.

Article 65 Under a contract in which death is the prerequisite for
payment of the insurance benefit, if the insured commits suicide, with the
exception of those provided in Paragraph 2 of this Article, the insurer
will not be liable for payment of the insurance benefit, as for the
insurance premium already paid by the applicant, however, the insurer
shall, according to the insurance policy, return its cash value. Under a
contract in which death is the prerequisite for payment of the insurance
benefit and after two full years after the contract was signed, if the
insured commits suicide, the insurer may, as contracted, pay the insurance
benefit.

Article 66 If the insured intentionally commits crimes to cause injury to, disability or death of himself, the insurer will not be liable for the
payment of the insurance benefit. If the applicant has already paid in
full the insurance premium for two years or more, insurer shall, according
to the insurance policy, return its cash value.

Article 67 If the insured of a life insurance sustains an insurance
accident as death, injury, disability or disease due to the harms done by
a third party, the insurer, after making the payment of insurance benefit
to the insured or the beneficiary, may not enjoy the right of claims for
compensation against the third party.

Article 68 If an applicant who has already paid in full the insurance
premium for two years or more terminates the contract, the insurer shall,
within 30 days after receiving the notification on termination of the
contract, return the cash value of the insurance policy; if the applicant
has not yet paid the insurance premium for two full years, the insurer
shall, after deducting the handling fees as contracted, return the
insurance premium.

Chapter III Insurance Company

Article 69 An insurance company shall take any of the following
organizational forms:
1. limited liability company, or
2. solely State-owned company.

Article 70 The establishment of an insurance company must be subject
to approval by the financial supervision and control department.

Article 71 To establish an insurance company, the following
requirements shall be met:
1. having an articles of association in conformity with the provisions
of this Law and the Company Law;
2. having the minimum amount of registered capital as provided in this
Law;
3. having qualified management personnel with professional knowledge
and working experiences qualified for their posts;
4. having a well-found organizational structure and management system;
and
5. having its business place and other relevant facilities up to the
requirements.

The financial supervision and control department, when examining the
application for establishment, shall take into account the needs of the
insurance industry development and fair competition.

Article 72 The minimum amount of registered capital for setting up an
insurance company is 200 million Renminbe yuan.

The minimum amount of registered capital of an insurance company must
be the money capital actually contributed

The financial supervision and control department may, in accordance
with the business scope and operation scale of an insurance company,
adjust the minimum amount of registered capital for the company, the
minimum amount, however, may not be lower than the amount provided in the
first paragraph.

Article 73 At the time of applying for the establishment of an
insurance company, the following documents and materials shall be
submitted.

1. a written application for establishment which shall contain the
designation, registered capital and business scope of the insurance
company intended to be established;
2. a feasibility study report; and
3. other documents and materials required by the financial supervision
and control department.

Article 74 If the applicant for the establishment of an insurance
company is found to meet the requirements through preliminary examination,
the applicant shall then carry out the preparation for the establishment
of the insurance company in accordance with the previsions of this Law and
the Company Law. For those which meet the requirements on establishment
provided in Article 71 of this Law, the formal application form and the
following documents and materials shall be submitted to the financial
supervision and control department:
1. articles of association of the insurance company;
2. name list of shareholders as well as their shares or contributors
as well as their contributions;
3. letters of credit and relevant materials of those shareholders who
own more than 10 percent of registered capital;
4. verification certificate issued by authorized capital verification
organizations;
5. resumes and qualification certificates of senior management
personnel intended to be appointed;
6. operation principle and plan;
7. information on the business place and other facilities relevant to
its business; and
8. other documents required by the financial supervisions and control
department.

Article 75 The financial supervision and control department shall,
within six months from the date on which the formal application documents
for the establishment of an insurance company are received, make a
decision to approve or disapprove it.

Article 76 An insurance company which are approved to be established
shall be issued a license for engaging in the insurance business by the
department of approval, and shall, on the strength of the aforesaid
license, complete registration with the administrative department for
industry and commerce, and obtain its business license

Article 77 If an insurance company, within six months from the date on
which the license for engaging in the insurance business is obtained,
fails to complete company registration without justified reasons, its
license for engaging in the insurance business shall cease to be valid
automatically.

Article 78 An insurance company shall, after its establishment,
allocate 20 percent of its total capital as guarantee fund, and deposit it
in the bank designated by the financial supervision and control
department, such guarantee fund may not be used except to be used to clear
off debts when the insurance company is under liquidation.

Article 79 An insurance company must be subject to approval from the
financial supervision and control department in establishing branch
organizations within and outside the territory of the People’s Republic
of China, and shall obtain licenses for engaging in insurance business for
these branches organizations.

The branch organizations of an insurance company do not have the
status of legal entity, and their civil liability shall be born by the
insurance company.

Article 80 The establishment of representative offices by an insurance
company within and outside the territory of the People’s Republic of
China must be subject to approval by the financial supervision and control
department.

Article 81 An insurance company shall get the approval of the
financial supervision and administration departments in one of the
following alterations:
1. change of its designation;
2. change in its registered capital;
3. change of business places of the company or its branch
organizations;
4. adjustment of its business scope;
5. split or merger of the company;
6. revision of its articles of association;
7. change of the contributors or shareholders who own more than 10
percent of the total shares; and
8. other modifications stipulated by the financial supervision and
control department.

An insurance company which intends to change its chairman of the board
or the general manager shall report to the financial supervision and
control department for examining his qualifications for the position.

Article 82 The provisions of the Company Law shall apply to the
organizational structure of insurance companies.

Article 83 A solely state-owned insurance company sets up a board of
supervisors which shall be composed of representatives from the financial
supervision and control department, relevant experts and the insurance
company抯 persons, and carry out supervision over various reserve fund
appropriated by the solely State-owned insurance company, its minimum
payment capability and value increase and value maintenance of State-owned
property and assets as well as acts of the senior management personnel
committed in violation of laws, administrative regulations or the articles
of association and acts impairing the company interests.

Article 84 An insurance company, due to its split, merger or the
occurrence of dissolution causes stipulated in the article of association
and upon the approval by the financial supervision and control department,
dissolves. The insurance company shall, according to law, form a
liquidation group to carry out liquidation.

Those insurance companies engaged in the life insurance business may
not be dissolved except it split or merger.

Article 85 If the license for engaging in the insurance business of an
insurance company, due to its violation of laws and administrative
regulation, is revoked by the financial supervision and control
department, the said insurance company shall be dissolved according law.
The financial supervision and control department shall timely organize a
liquidation group to carry out liquidation.

Article 86 When an insurance company is unable to service its debts
due, it shall, with the consent of the financial supervision and control
department, be declared bankruptcy by a people’s court according to law.
If an insurance company is declared bankruptcy, the people’s court shall
organize a liquidation group composing of relevant departments such as the
financial supervision and control departments and relevant personnel to
carry out liquidation.

Article 87 If an insurance company engaged in the life insurance
business is dissolved or is declared bankruptcy according to law, the life
insurance contracts and reserve fund in its possession must be transferred
to other insurance companies engaged in the life insurance business; in
case of no transfer agreement with other insurance companies, the
financial supervision and control department shall appoint insurance
companies engaged in the life insurance business to accept them.

Article 88 If an insurance company goes bankrupt according to law, the
bankrupt property shall, after paying bankruptcy expenses in priority, be
distributed according to the following order:
1. Wages and salaries to its employees in arrears and labor insurance
costs;
2. indemnity or payment of the insurance benefit;
3. tax in default; and
4. to service the company s debts.

If the bankrupt property is not sufficient to service the payment
claims in the same order, it shall be distributed according to a
percentage.

Article 89 When an insurance company terminates its business
operations according to law, its license for engaging in the insurance
business shall be canceled.

Article 90 In absence of the provisions in this Law, the provisions of
the company Law, other relevant laws and administrative regulations shall
apply to the matters such as establishment, modification, dissolution and
liquidation of insurance companies.

Chapter IV Operational Rules Governing Insurance

Article 91 Business scopes of insurance companies:
1. property insurance business, including such insurance businesses as
insurance of property loss, liability insurance and credit insurance; and
2. life insurance business, including such insurance businesses as
life insurance, health insurance and accident insurance.
One insurer may not engage in the property insurance business and life
insurance business concurrently.

The business scope of an insurance company shall be approved by the
financial supervision and control department. The insurance companies can
only carry on insurance business activities within their business scopes
approved.

The State Council shall formulate the measures on separation of
business operation as provided in the second paragraph for those insurance
companies which have been set up prior to the enforcement of this law.

Article 92 Upon approval by the financial supervision and control
department, an insurance company may engage in the following reinsurance
business of those insurance businesses provided in the preceding article:
1. outward insurance;
2. inward insurance.

Article 93 The insurance companies engaged in insurance businesses
other than the life insurance business shall allocate undue liability
reserve fund from the retention insurance premiums of the current year;
the amount allocated and carried forward shall be equivalent to 50 percent
of the retention insurance premiums of the current year.

Those insurance companies engaged in the life insurance business shall
allocate undue liability reserve fund according to the total net value of
valid life insurance policies.

Article 94 Insurance companies shall allocate the outstanding loss reserve in accordance with the amount of insurance indemnity or payment
already claimed for, as well as the amount of insurance indemnity or
payment not yet claimed for but the insurance accident already happened.

Article 95 Apart from allocating reserve funds as provided in the
preceding two articles, insurance companies shall, in accordance with the
provisions of relevant laws, administrative regulations and the state
financial accounting system, allocate the accumulated fund.

Article 96 In order to protect the insured persons?interests and
support their steady and healthy operations, insurance companies shall,
according to the regulations of the financial supervision and control
department, appropriate and deposit the insurance guarantee fund.

The insurance guarantee fund shall be centrally controlled and used in
a unified manner.

Article 97 An insurance company shall possess the minimum indemnity
and payment ability which match its business scale. The balance of actual
assets after deducting actual debts of an insurance company may not be
lower than the amount stipulated by the financial supervision and control
department; if the balance is lower than the amount stipulated, the
insurance company shall increase its capital to make up the gap.

Article 98 The retention insurance premiums of the current year for an
insurance company engaged in the property insurance business may not
exceed four times of its combined total of its actual capital and
accumulated fund.

Article 99 The lability for each risk unit of an insurance company,
that is, the liability for the maximum loss scope possibly to be caused by
each insurance accident, may not exceed 10 percent of the combined total
of its actual capital and accumulated fund, the part in excess, if any,
shall be effected a reinsurance.

Article 100 The calculation method on risk unit and plans on
catastrophe risk of insurance companies shall be reported to the financial
supervision and control department for approval.

Article 101 With the exception of the life insurance business, an
insurance company shall, in accordance with the state relevant
regulations, effect a reinsurance for 20 percent of each insurance
business it accepts.

Article 102 Where an insurance company needs to offer outward
insurance, it shall give priority to insurance companies within the
territory of China.

Article 103 The financial supervision and control department has the
authority to restrict or forbid insurance companies to offer outward
insurance business to insurance companies outside the territory of China,
or to accept inward insurance business from outside the territory of
China.

Article 104 The use of fund of the insurance company must be moderate
and safe, follow the safety principle, and guarantee to increase and
maintain the value of its assets.

The use of fund of the insurance company is restricted only to bank
deposit, trading of government bonds and financial bonds and other forms
of fund utilization stipulated by the State Council.

The fund of the insurance company may not be used to set up securities
operation organizations or to invest in enterprises.

The concrete proportion of fund used by the insurance company and the
capital for specific projects in its total capital shall be stipulated by
the financial supervision and control department.

Article 105 Insurance companies and their employees may not commit the
following acts during their insurance business activities:
1. to cheat the applicant, the insured or the beneficiary;
2. to conceal important information relevant to insurance contract to
applicant;
3. to prevent the applicants from executing the truthfully-reporting
responsibility provided in this law, or induce them not to execute the
truthfully-reporting responsibility provided in this law; or
4. to promise the applicants, the insured or the beneficiary to give
permits rebates or other interests beyond the stipulations of the
insurance contracts.

Chapter V Supervision and Control over Insurance Business

Article 106 Basic insurance clauses and premium rates for major
coverage of commercial insurance shall be provided by the financial
supervision and control department.

The insurance clauses and insurance rates of other categories of
insurance worked out by insurance companies shall be submitted for the
record to financial supervision and administration departments.

Article 107 Financial supervision and administration departments have
the right to check the operations, financial situation and operation of
funds of insurance companies and have the right to demand for the supply
of related written reports and materials within the prescribed time limit.

Insurance companies shall accept supervision and inspection according
to law.

Article 108 When an insurance company fails to appropriate or carry
forward various reserve funds according to the provisions of this Law, or
fails to effect reinsurance according to the provisions of this Law, or
seriously violates the provisions of this Law on these of fund, the
financial supervision and control department shall order the said
insurance company to take the following measures to remedy within a set
time limit:
1. to appropriate or carry forward various reserve funds according to
law;
2. to effect reinsurance according to law;
3. to correct its acts of fund use committed in violation of law,; and
4. to change major person(s) in charge and relevant executive
personnel.

Article 109 Subject to the provisions of the preceding article, if an
insurance company fails to make correction within the set time limit after
the financial supervision and control department has made the decision for
making corrections within a set time limit, the financial supervision and
control department shall decide to select professional persons in the
insurance business and to appoint relevant personnel from the said
insurance company to form a rectification group which will carry out
rectification on the said insurance company.

The rectification decision shall contain and specify the designation
of the insurance company to be rectified, the cause for rectification,
rectification group and the rectification period, and shall be announced
and advertised.

Article 110 The rectification group, during the rectification process,
has the authority to supervise the said insurance company抯 daily affairs.
The persons in charge and relevant executive personnel of the said
insurance company shall perform their duties and powers under the
supervision of the rectification group.

Article 111 During the rectification process, the original businesses
of the insurance company may continue, however, the financial supervision
and control department has the authority to ban it from any new business
or to suspend part of its original business and to adjust the use of fund.

Article 112 Where an insurance company under rectification has already
corrected its acts of violating this law and resumed its normal operation
ability, the rectification, after the submission of report by the
rectification group and upon approval by the financial supervision and
control department, shall cease.

Article 113 Where an insurance company violates the provisions of this
Law and harms the interests of social public, which might seriously
threaten or has already threatened its payment ability the financial
supervision and control department may implement a takeover of the said
company.

The aim of such takeover is to adopt necessary measures for the
company taken over so as to protect the interests of the insured persons,
and restore the normal operation of the said insurance company. The debts
and credits of the insurance company taken over shall not change due to
such a takeover.

Article 114 The composition of the takeover group and the
implementation measures for takeover shall be made, announced and
published by the financial supervision and control department.

Article 115 When the term of takeover expires, the financial
supervision and control department may decide to extend the term, however,
the maximum term for takeover may not exceed two years.

Article 116 When term of takeover expires and the insurance company
has restored its normal operation ability, the financial supervisions and
control department may decide to terminate the takeover.

If the takeover group believes that the assets of the insurance
company is no longer sufficient to clear its debts, upon approval by the
financial supervision and control department, it shall apply to a people‘s
court to declare bankruptcy of the said insurance company according to
law.

Article 117 An insurance company shall, within three month after the
end of each fiscal year, submit its business report, financial accounting
statement and relevant statements of the immediate previous year to the
financial supervision and control department, and make announcements
therefore according to law.

Article 118 An insurance company shall, before the end of each month,
submit its business statistics report of the immediate previous month to
the financial supervision and control department.

Article 119 Insurance companies engaged in the life insurance business
must appoint and employ professional actuary certified by the financial
supervision and control department, and establish an actuarial reporting
system.

Article 120 The insurer and the insured may invite independent
assessment organization established according to law or experts having
statutory qualifications to carry out assessment and appraisal on
insurance accidents.

Article 121 Insurance companies shall properly keep complete account
books, originally vouchers and certificates as well as relevant materials
about their business operation activities.

The keeping period of account books, original vouchers and
certificates as well as relevant materials provided in the preceding
paragraph may not be shorter than 10 years, calculating from the date
which the insurance contracts ended.

Chapter VI Insurance Agent and Insurance Broker

Article 122 An insurance agent means an unit or individual that,
according to the commission by the insurer, collects commission fees from
the insurer and handles the insurance business on behalf of the insurer
within the domain of commission.

Article 123 An insurance broker means an unit which, for purpose of
the interests of an insurance applicant, provides intermediary service of
the applicant and the insurer to conclude an insurance contract and
collects brokerage commission according to law.

Article 124 The insurer shall assume the liability for the acts of
insurance agents in handling the insurance business on behalf of the
insurer according to the authorization.

An insurance agent engaging in agency business of life insurance may
not accept commission from two or more then two insurers concurrently.

Article 125 Where a loss, due to the mistake of the insurance broker,
is caused to the applicant or the insured, the insurance broker shall bear
the liability to indemnify therefore.

Article 126 Insurance agents and insurance brokers, when handling
insurance businesses, may not take the advantage of their administrative
power, positions or occupation as well as other unfair means to force,
induce or restrict insurance applicants in concluding insurance contracts.

Article 127 Insurance agents and insurance brokers shall meet the
qualification requirements set up by the financial supervision and control
department, obtain the license for engaging in the insurance agency
business or the license for engaging in the insurance brokerage business
issued by the financial supervision and control department, complete
registration with the administrative department for industry and commerce,
obtain their business licenses, and pay the guarantee money or buy a
professional liability insurance.

Article 128 Insurance agents and insurance brokers shall have their
own business places, set up special books to record the collection and
payment conditions of insurance agency business or brokerage business, and
accept supervision by the financial supervision and control department.

Article 129 An insurance company shall set up a registration book of
its insurance agents.

Article 130 The provisions of Articles 105, 107 and 117 of this Law
shall apply to insurance agents and insurance brokers.

Chapter VII Legal Responsibility

Article 131 Where an insurance applicant, an insured or a beneficiary
commits one of the following acts, carries out activities of insurance
deceit, and constitutes a criminal responsibility shall be investigated
according to law:
1. the applicant intentionally falsifies the subject-matter insured so
as to cheat for the insurance benefit;
2. falsifying the occurrence of an insurance accident which has not
occurred so as to cheat for the insurance benefit;
3. intentionally to cause an insurance accident with losses afflict on
property so as to cheat for the insurance benefit;
4. intentionally to cause a life insurance accident such as the death,
injury, disability or disease of the insured so as to cheat for the
insurance benefit; or
5. forging or altering proof, materials or other evidences relating to
the insurance accident, or instigation inducing or paying other to provide
false proof, materials or other evidences, fabricating false cause, or
exaggerating degree of losses so as to cheat for the insurance benefit.

whoever commits one of the acts listed in the preceding paragraph, if
the circumstance is of minor nature and does not constitute a crime, shall
be given an administrative penalty according to relevant regulations of
the state.

Article 132 Where an insurance company and its employee(s), during
insurance business activities, conceal important information relating to
the insurance contract, cheat the applicant, the insured or the
beneficiary, or refuse to execute the liability of indemnity or payment of
the insurance benefit as contracted, which constitutes a crime, criminal
responsibility shall be investigated according to law. If no crime is
constituted, the financial supervision and control department shall impose
a fine of from 10,000 yuan to 50,000 yuan on the said company, and give a
penalty on the employee(s) who violates the law and impose a fine of less
than 10,000 yuan concurrently.

where an insurance company and its employee(s) hinder the applicant
from executing the truthfully-reporting responsibility, or induce the
applicant into not executing the truthfully-reporting responsibility, or
promise the applicant, the insured or the beneficiary of offering illegal
insurance premium rebate or other interests, the financial supervision and
control department shall order them to correct, and impose a fine of from
10,000 yuan to 50,000 yuan on the said company, and give a penalty on the
employee(s) who violates the law and impose thereon a fine of less than
10,000 yuan concurrently.

Article 133 Where an insurance agent or an insurance broker cheats the
applicant, the insured or the beneficiary during business activities, the
financial supervision and control department shall order it to correct.,
and impose thereon a fine of from 10,000 yuan to 50,000 yuan concurrently,
if the case is serious, the financial supervision and control department
shall revoke its license for engaging in the insurance agency business or
its license for engaging in the insurance brokerage business. If a crime
is constituted, criminal responsibility shall be investigated according to
law.

Article 134 Where any employee of insurance companies takes the
advantage of his post, intentionally fabricates an insurance accident not
occurred and makes false indemnity so as to cheat for the insurance
benefit, criminal responsibility shall be investigated according to law.

Article 135 Whoever, in violation of the provisions of this Law and
without approval, establishes an insurance company or engages in illegally
commercial insurance business activities, shall be investigated for
criminal responsibility according to law, and the financial supervision
and control department shall annul it. If these is of a minor nature and
no crime is constituted, administrative penalty shall be given therefore.

Article 136 Whoever, in violation of the provisions of this Law,
engages in the insurance business beyond the approved business scope,
shall be ordered by the financial supervision and control department to
correct and to return the insurance premium already collected, and shall
be confiscated its illegal gains if there is such gains, and imposed
thereon a fine equivalent to more than one times and less than five time
of the illegal gains concurrently, if there is no illegal gains, imposed thereon a fine of from 100,000 yuan to 500,000 yuan, and if it fails to
make correction beyond the set time limit or serious result is caused,
shall be ordered to suspend its business for rectification or revoked its
license for engaging in the insurance business.

Article 137 Where an insurance company, in violation of the provisions
of this Law, changes without approval such matters and items as the
company’s designation, articles of association, registered capital or
business place of the company or its branch organization, the financial
supervision and control department shall order it to make correct and
impose thereon a fine of from 10,000 yuan to 100,000 yuan concurrently.

Article 138 Where an insurance company, in violation of the provisions
of this law, commits one of the following acts, the financial supervision
and control department shall order it to make correction and impose
thereon a fine of from 50,000 yuan to 300,000 yuan concurrently, and if
the case is serious, the department may restrict the company business
scope and order it to suspend to accept new businesses or revoke its
license for engaging in the insurance business:
1. failing to allocate guarantee fund according to regulations or
using, in violation of regulations, the guarantee fund;
2. failing to allocate or carry forward undue liability reserve fund
according to regulations or failing to allocate outstanding loss reserve
according to regulations;
3. failing to allocate insurance guarantee fund and accumulated fund
according to regulations;
4. failing to carry out outward reinsurance business according to
regulations;
5. using capital of the insurance company in violation of regulations;
6. setting up branch organizations or representative offices without
approval; or
7. splitting or merging without approval.

Article 139 Where an insurance company, in violation of the provisions
of this law, commits one of the following acts, the financial supervision
and control department shall order it to make correction, and if failing
to make correction within the set time limit, impose a fine of from 10,000
yuan to 100,000 yuan:
1. failing to submit, as required, relevant reports, statements,
documents and materials or
2. failing to submit, as required, the insurance clauses and insurance
premium rate for the planned insurance coverage for the record.

Article 140 Whoever, in violation of the provisions of this law,
commits one of the following acts, shall be ordered by the finanical
supervision and control department to make correction, and imposed a fine
of from 100,000 yuan to 500,000 yuan:
1.providing false reports, statements, documents or materials; or
2. refusing or hindering inspection and supervision carried out
according to law.

Article 141 Whoever, in violation of the provisions of this Law,
commits one of the following acts, shall be ordered by the financial
supervision and control department to made correction, and imposed a fine
of from 50,000 yuan to 300,000 yuan:
1. over insurance and the case is serious; or
2. accepting an insurance under which death is the prerequisite of
payment of the insurance benefit for a person without civil capacity.

Article 142 Whoever, in violation of the provisions of this Law,
illegally engages in insurance agency business or insurance brokerage
business without obtaining a license for engaging in the insurance agency
business or a license for engaging in the insurance brokerage business,
shall be annulled by the financial supervision and control department,
confiscated its illegal gains, and imposed a fine equivalent to more than
five times and less than 10 times of its illegal gains. If a crime is
constituted, criminal responsibility shall be investigated according to
law.

Article 143 With respect to the insurance company’s senior executive
personnel held directly responsible for and other persons held directly
responsible for the act which was committed in violation of the provisions
of this Law but does not constitute a crime, the financial supervision and
control department may, according to the specific circumstances, give
warning order a replacement and impose a fine of from 5,000 yuan to 30,000
yuan.

Article 144 Whoever, in violation of the provisions of this Law,
causes damage or loss to others, shall bear civil responsibility according
law.

Article 145 Whoever approves the application for establishment of an
insurance company which fails to meet the requirements on establishment
provided in this Law or approves the application insurance agent or
insurance broker which fails to meet the requirements on agency or
brokerage, shall be given an administrative penalty, if the case is
serious and a crime is constituted, criminal responsibility shall be
investigated according to law.

Article 146 If any person of the financial supervision and control
department, in exercising supervision and control over the insurance
business, abuses his duty and power, practices favoritism for personal
gains or neglects his duty of office which constitutes a crime, criminal
responsibility shall be investigated according to law, if no crime is
constituted, administrative penalty shall be given thereto.

Chapter VIII Supplementary Provisions

Article 147 The relevant provisions of the Maritime Law shall apply to
marine insurance, and in absence of the provisions in the Maritime Law,
the relevant provisions of this Law shall apply.

Article 148 The provisions of this Law shall apply to the
establishment of insurance companies with foreign investment, or branch
companies of foreign insurance companies within the territory of China,
where laws and administrative regulations have separate provisions, such
provisions shall apply.

Article 149 The state supports to develop the insurance business which
serves agricultural production. Agricultural insurance shall be provided
separately by laws and administrative regulations.

Article 150 Laws and administrative regulations shall separately
provide on insurance organizations of other natures other than those
insurance companies provided by this Law.

Article 151 Those insurance companies which, in accordance with the
regulations of the State Council, were approved to be established prior to
the enforcement of this Law, shall continue to remain. Among them, those
which fail to meet completely the requirements provided by this Law shall
make to met such requirements within a set time limit. The State Council
shall formulate the concrete measures thereon.


Article 152 This Law shall enter into force on October 1, 1995.
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