Official Reply of China Insurance Regulatory Commission Concerning Such Matters as the Determination of Insurance Value
 
Bao Jian Ting Han [2007] No.71

 The Insurance Regulatory Bureau of Inner Mongolia:
 We have received your Request for Instructions on Such Issues as the Determination of Insurance Value (Nei Bao Jian Fa [2007] No.24). Upon study, we hereby reply as follows:
 1. As regards the term "insurance value", at present, there is not any clear definition in any legislation. In accordance with the interpretations on the Insurance Terms formulated by China Insurance Standardization Technical Committee, insurance value means the value of insurance object as stipulated by both parties and indicated in the insurance contract or the actual value of insurance subject matter at the time when the insurance accident occurs.
 In accordance with provisions of Article 40 of the Insurance Law, two ways may be adopted for determining the insurance value of an insurance subject matter, namely, either be stipulated by the insured and the insurer and indicated in the insurance contract or be determined in accordance with the actual value of the insurance subject matter when insurance accident occurs. The former means valued insurance and the latter means unvalued insurance. In actual practice, attention shall be paid to whether stipulation in the insurance contract is about the insurance amount or the insurance value of insurance subject matter.
 2. The term "replacement value" means the value or expenses spent for replacing damaged property with the same or similar substance and quality, which is a method for deciding insurance value in property insurance.
 The term that "the insurance value of fixed assets shall be the replacement value at the time when insurance accident occurs" means that the insurance value of fixed assets shall be decided in accordance with the replacement value as provided for in the basic insurance clauses of life insurance or property insurance.
 3. As regards an insurance, the insurance amount of which is determined by way of price appraisement, after an insurance accident occurs, the insurance value shall be decided in accordance with the actual value of insurance object at the time when the insurance accident occurs.
 
China Insurance Regulatory Commission
 April 3, 2007
 
 
  China Insurance Regulatory Commission 2007-04-03   

 
中国保险监督管理委员会关于保险价值确定等问题的复函
 
保监厅函[2007]第71号
 内蒙古保监局：
 
你局《关于保险价值确定等问题的请示》（内保监发〔2007〕24号）收悉。经研究，现函复如下：
 一、 关于保险价值，目前在立法上没有明确定义。根据全国保险业标准化技术委员会制定的《保险术语》的解释，保险价值是经保险合同当事人约定并记载于保险合同中的保险标的的价值，或保险事故发生时保险标的的实际价值。
 
根据《保险法》第四十条规定，确定保险标的保险价值的方式有两种，一是由投保人和保险人约定并在合同中载明，二是按照保险事故发生时保险标的的实际价值确定。前者是指定值保险，后者是指不定值保险。在实务中，要注意区分合同载明的是保险标的的保险金额还是保险价值。
 二、 重置价值，是指以同一或类似的材料和质量重新置换受损财产的价值或费用，为财产保险中确定保险价值的一种方法。
 
“固定资产的保险价值是出险时的重置价值”是指人保财产保险基本险条款规定的以重置价值方式确定固定资产的保险价值。
 三、 以估价方式确定保险金额投保的，发生保险事故后，保险价值应当按照发生保险事故时保险标的的实际价值确定。
 
中国保险监督管理委员会
 二○○七年四月三日
 
 
中国保险监督管理委员会 2007年04月03日  颁布