Article 42 of the Insurance Law(2015 Amendment, the same hereinafter) provides that where, among other circumstances, there is no beneficiary upon the death of the insured, the insurance proceeds shall form part of the insured’s estate, and the insurer shall perform its payment obligation in accordance with the laws on succession (Article 42 of the Insurance Law originally provides that “the insurer shall perform the obligation to pay the insurance proceeds in accordance with the Inheritance Law of the People’s Republic of China”. The Inheritance Law was repealed upon the entry into force of the Civil Code on 1 January 2021).
