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Chapter Law Content

Title: Insurance Act CH
Category: Financial Supervisory Commission(金融監督管理委員會)
Chapter I. General Principles
Section 2. Insurable Interest
Article 14
(Current Interest and Future Interest in a Property)
A proposer has an insurable interest in current interest in a property, or expected future interest deriving from current interest in a property.
Article 15
(Liability Interest in a Property)
A transporter or custodian of goods has an insurable interest in goods that it transports or keeps in custody, within the extent to which the transporter or custodian bears liability for the goods.
Article 16
(Insurable Interest in Life or Body)
A proposer has an insurable interest in the life or body of any of the following persons:
1. The proposer or the proposer's family members.
2. Persons upon whom the proposer depends for living expenses or educational expenses.
3. The proposer's obligors.
4. Persons who manage the proposer's assets or interests on the proposer's behalf.
Article 16-1
(Waiver of Right to Dispose Insurable Interest)
When a minor or a parent (father or mother) or guardian of a person under guardianship as ordered by the court pursuant to Paragraph 1, Article 14 of the Civil Code becomes the insured in accordance with Paragraph 2, Article 138-2 of the Act, the proposer, the insured and the beneficiary of an insurance contract may, prior to the occurrence of an insured peril, enter a joint agreement that the payout of benefits after an insured peril occurs shall be remitted into a designated trust account and that the proposer waives the right to dispose his or her insurable interest under Article 111 of the Act.
Article 17
(Effect of Insurable Interest)
If the proposer or insured has no insurable interest in the subject matter insured, the insurance contract shall become void.
Article 18
(Transfer of Insurable Interest)
If the insured dies or ownership of the subject matter insured is transferred, the insurance contract remains valid for the benefit of the heir or the transferee unless otherwise stipulated in the contract.
Article 19
(Transfer of Insurable Interest)
When partners or co-owners are jointly insured, the assignment of one or more insured persons' insurable interest to another does not void the insurance contract.
Article 20
(Interest Deriving from an In-force Contract)
Any interest deriving from an in-force contract may also be an insurable interest.