The Chinese Maritime Code (“CMC 1993”) came into force as of 1 July 1993. Chapter 12 (Articles 216–256) of the CMC 1993 is those regulating legal issues arising out of and in relation to marine insurance contracts. They are divided into six parts, namely “General Provisions”, “Formation, Termination and Assignment of Marine Insurance Contract”, “Duties of the Assured”, “Obligations of the Insurer”, “Loss of the Subject-Matter of Assured and Abandonment”, and “Payment of Insurance Compensation”. After these articles have been implemented for more than 25 years, it may be safe and confident to say that China has formed a relatively straightforward and comprehensive legal system of marine insurance, which provides the basic and necessary legal framework for the operation of marine insurance business in China.