Are there any merits or defects concerning the Insurance Law of China?
Since its promulgation in 1995, the Insurance Law of China has played an important role in the development of the insurance industry. Over the years, however, significant changes have taken place inside and outside of the insurance industry. In terms of the external environment, the reform of the financial system has been deepened and the role of market mechanisms has been strengthened. In particular, since its accession to the WTO, China has further stepped up its opening to the outside world and its compliance with international practice. In terms of the internal structure, the size of the market has increased greatly, and the scale of business has grown quickly, with the variety of insurance products becoming ever larger. The number of insurance companies has increased from 9 six years ago to 52 in 2001. The annual premium income has increased from over 68 billion RMB six years ago to 210 billion RMB in 2001. The swift growth of new types of insurance products has set a higher deman
