Preservation Or Demolishment Of Insurable Interest Under The International Insurance Law Reform

As an ancient principle, insurable interest plays a unique role in the field of insurance, however, with the development of society, coupled with the increasing complexity of insurance products and legislative technical progress, there are some flaws arising from insurable interest itself and the specific application process, raising many questions, and someone even calls for demolishing the principle of insurable interest. The British Law Reform Commission in2006also has raised this viewpoint and distributed a questionnaire on its report on legal reform since the Australian Law Commission first proposed to repeal the insurance interest in2003, which triggered a debate about the abolition of insurance interest. The research has not finished and the Law Reform Commissions only provide suggestions, therefore, in accordance with the current situation, it is unlikely to demolish the principle of insurable interest. This paper traces the origin of the insurance interests, exploring its causes, effects and defects analysis of insurance interest, drawing my own conclusions through the analysis of demolishment of the two sides, and finally draws the conclusions and offers reform proposals.The first chapter describes the origin of insurable interest and the background of the law reformation, proposes the dispute, as well as the introduction of the main states----Australia and the United Kingdom. Australia advocated the demolishment of insurable interest. Contrary to Australia, the United Kingdom claims to solve these problems by way of reform although they admit there are many problems arising from the principle of insurable interest in practice. The second and third chapters are the main parts of this article, which analyze the insurable interest from an objective point of view. The second chapter introduces the function of insurable interest and the rationality of its exist. The third chapter introduces the problems of insurable interest in its function and practice, which analyzes the problems arising from the principle of insurable interest in practice, from both positive and negative aspects, as well as analyzing the reasons about the abolition of the principle of insurable interest generated from the another perspective. We can draw the conclusion on the basis of the analysis, including the principle of insurable interest is the basic principle of insurance law thus should be retained. As for its problems, it should be resolved by way of reform. The third chapter also presents concrete proposals for the reform. The final chapter is about relative matters under Chinese law. analyzing the problem of insurable interest under Chinese law with the previous chapters of analysis and proposes suggestions for these issues in order to achieve the perfect provision of insurable interest in China.