On Article 34 of Current Insurance Law of China

The Article 34 of current Insurance Law of China(Art.34) prescribes that the objects of a general insurance contract shall be transferred upon the insurer's consent so that the insurer is entitled to re-evaluate the degree of involved risk.This paper analyzes the context of Art.34 legislation and its conflict with practice,and compares domestic cases to those abroad.This paper concludes that since not all of these transfers would necessarily result in an increased risk of insurance,the requirement of the insurer's consent is unfair to the insurant and may complicate the procedure.Therefore,the author proposes that the current Art.34 be modified as such: The property insurance contract shall be transferred concurrently while the object of the insurance is transferred,unless it is otherwise stipulated in the insurance contract.In the end,this paper also makes some prediction on the securitization of insurance policy.