Civil Law

PRC Court Pierced the Veil of Co-insurance and Found Reinsurance Relationship Established Between the Insurers

By Jia WAN

In a recent case published by Beijing Financial Court (the “BFC”), which was represented by AnJie Broad and classified as one of the typical financial cases for the year of 2022, the BFC pierced the veil of “co-insurance”, and confirmed that reinsurance legal relationship was established between two insurers.

The dispute arose out of the “co-insurance agreement” entered by PICC and China Life where the two insurance companies had disagreement as to the amount that PICC should … Read the rest

Civil Law

Colorado Adopts Regulations to Prevent Insurers from Stopping ALE and Replacement Cost Benefits

Colorado has suffered major wildfire catastrophes. There are not enough contractors to handle the repairs. As a result, Colorado issued new regulations for insurers regarding the handling of these claims.

The most important part of the Colorado bulletin is the following:

Section 5 Rules

In the event of a catastrophic disaster, an insurer shall waive any waiting periods related to ALE benefits for those policyholders whose residence requires repair or replacement or if the policyholder permanently relocates.

In the event

… Read the rest