The Applicable Law Of International Insurance Contract

International Insurance Contract refers to the contract that relates to application of different countries' law with international factors. In China the provision applicable to insurance contract is relatively simple which is only the law of the insurers'domicile. But in reality there are many different kinds of insurance contracts pursuing different value,and the applicable law varies. So we should learn from other countries' advanced legislative experience about applicable law of the insurance, in order to improve the legal system of insurance and promot the rapid and healthy development of the insurance industry. International insurance contract follows the general principles of applicable law of contract. First of all they should be in accordance with the principle of party autonomy to determine the applicable law. But because of the special nature of insurance contract, this option is limited to a certain extent, and subject to public policy and compulsory law. If the party does not make a choice in the circumstances, the insurance contract should apply the most closely connected state of the law. The most closely connected country is determined in accordance with the general pinciple of characteristic performance.The insurance contract, generally involves life insurance contract, property insurance contract and reinsurance contract. In the international insurance contract, especially life insurance contract, the status of the parties are not entirely equal. The insured are generally in the weak position. In order to safeguard the interests of the insured, special consideration should be given to protect the weak party. The range of the law applicable to life insurance contract chosen by parties is very narrow.It is generally limited to the law of insured's domicile, or the law of location of the risk when conclusion of the contract.The parties' choice of the applicable law about property insurance contract is relatively broad. Reinsurance contract is closely linked with the original insurance contract. But it is still a relatively independent insurance contract. The reinsurance contract parties are generally insurance companies with economic status equal to the other.There is no weak-side protection issues, so there are not many restrictions when chosing the applicable law of reinsurance contract.