Regulations on Compulsory Traffic Accident Liability Insurance for Motor Vehicles Related Laws and Regulations Compilation

Author: China Legal Publishing House
Publisher:
Publishing Date: 2006-07-01
Features: The Compulsory Traffic Accident Liability Insurance Regulation of Motor Vehicles (Passed by the 127th Executive Meeting of the State Council on March 1, 2006; Promulgated by the State Council of the People's Republic of China Order No. 462 on March 21, 2006; Effective since July 1, 2006) Chapter I General Provisions
Article 1 To ensure that victims of motor vehicle traffic accidents are legally compensated and to promote road traffic safety, this Regulation is formulated in accordance with the Road Traffic Safety Law of the People's Republic of China and the Insurance Law of the People's Republic of China.
Article 2 The owner or manager of a motor vehicle operating on roads within the territory of the People's Republic of China shall, in accordance with the provisions of the Road Traffic Safety Law of the People's Republic of China, purchase Compulsory Traffic Accident Liability Insurance for Motor Vehicles. The purchase, compensation, and supervision of Compulsory Traffic Accident Liability Insurance for Motor Vehicles shall be governed by this Regulation.
Article 3 The Compulsory Traffic Accident Liability Insurance for Motor Vehicles referred to in this Regulation means a mandatory liability insurance provided by insurance companies to compensate for personal injuries and property damage of victims other than the occupants of the insured vehicle and the insured themselves, within the limits of liability, in the event of a traffic accident involving the insured motor vehicle.
Article 4 The Insurance Regulatory Commission of the State Council (hereinafter referred to as the Insurance Regulatory Commission) shall legally supervise the business of Compulsory Traffic Accident Liability Insurance for Motor Vehicles of insurance companies.