Increase of risk during the insurance period

This chapter critically discusses how the Insurance Law and the SPC Interpretations IV 2018 deal with the matter of an increase of risk during the insurance period in comparison with the laws in some other jurisdictions. A number of issues are discussed: the justification of the requirement for the notification of the increase of risk; determination of material increase of risk; the way of performing the duty of notification; factors which trigger insured&s;s duty of notifying insurer of increase of risk; the remedies available to the insurer if it is notified of an increase in risk; and the consequences for the insured&s;s failure in performing his duty of notification. Suggestions are made to reform the law as to the consequences of the insured&s;s failure in notifying the insurer of material increase of risk.