(1) No Beneficiary is designated;
(2) The Beneficiary dies before the Insured and there is no other Beneficiary;
(3) The Beneficiary loses his beneficial title in accordance with the law or waives his beneficial title and there is no other Beneficiary.

Article 64. Where the Applicant or the Beneficiary deliberately causes death, injury, deformity or illness of the Insured, the Insurer shall not be liable for payment of insurance money. Where the Applicant has paid in full more than two years' premiums, the Insurer shall, in accordance with the stipulations of the Contract, refund the cash value of the insurance policy to other Beneficiaries who enjoy such beneficial interest.

Where the Beneficiary deliberately causes death or injury or deformity to the Insured or commits any failed attempt to kill the Insured, he will be stripped of his beneficial title.

Article 65. Where the Insured of the Contract, with death as a precondition for making insurance payment, commits suicide, the Insurer shall not be liable for payment of insurance money, unless as stipulated in the second paragraph of this Article. But with regard to the insurance premiums already paid by the Applicant, the Insurer shall return its cash value based on the insurance policy.

With respect to Contracts with death as a precondition for making insurance payment, if the Insurer commits suicide two years after the conclusion of the Contract, the Insurer may pay insurance money in accordance with the Contract.

Article 66. Where the Insured dies or suffers injury or deformity due to an intentional criminal act, the Insurer shall not be liable for insurance payment; however, the Insurer shall return the cash value to the Applicant based on the insurance policy if the Applicant has paid the premium for a minimum of two years.

Article 67. Where the death, injury or deformity of the Insured is caused by the actions of a third party, the Insurer shall not have the right of recourse toward the third party after the Insurer makes insurance payment to the Insured or the Beneficiary.
Article 68. With respect to the termination of the Contract by the Applicant, if the premium has been paid for a minimum of two years, the Insurer shall, as agreed in the Contract, refund the cash value based on the insurance policy within 30 days after receipt of notification of termination of the Contract; if the Applicant has paid less than two years' premiums, the Insurer shall refund the insurance premium after deducting a service charge.

Chapter III Insurance Companies

Article 69. Insurance companies shall adopt the following organizational forms:

(1) limited liability companies; or
(2) State-invested companies (wholly-owned);

Article 70. The establishment of insurance companies must be approved by the State departments in charge of financial supervision and management.

Article 71. The following conditions shall be fulfilled in order to establish an insurance company:

(1) Having Articles of Association that conform to the stipulations of this Law and the Company Law of the People's Republic of China;
(2) Having a minimum of Registered Capital that meets the requirement stipulated in this Law;
(3) Having upper-level management personnel that possess professional knowledge and working experience;
(4) Having complete organizational structure and management system; and
(5) Having operation sites and other facilities related with insurance business that conform to relevant requirements.

The departments in charge of financial supervision and management shall take into consideration the need for development of the insurance industry and fair competition while examining applications for the establishment of insurance companies.

Article 72. The minimum Registered Capital required for the establishment of an insurance company is RMB200,000,000.

The minimum Registered Capital of an insurance company must be paid-in currency capital funds.

The departments in charge of financial supervision and management shall, in accordance with the business scope and scale of an insurance company, adjust its minimum Registered Capital; provided, however, that the adjusted minimum Registered Capital shall not be lower than the minimum requirement defined in the first paragraph of this Article.

Article 73. When applying to establish an insurance company, the Applicant shall submit the following documents:

(1) a letter of application which shall state clearly the name of the proposed insurance company and its registered capital and business scope;
(2) a feasibility study report;
(3) other documents and materials required by the departments in charge of financial supervision and management.

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