Will the insurance company go bankrupt?

According to the Insurance Law of People's Republic of China (PRC):

Article 89

An insurance company needs to be dissolved due to division or merger, or the shareholders' meeting or the shareholders' general meeting decides to dissolve, or the reasons for dissolution stipulated in the articles of association arise, and it is dissolved after being approved by the the State Council Insurance Regulatory Authority. ?

An insurance company engaged in life insurance business shall not be dissolved except for division, merger or cancellation according to law. When an insurance company is dissolved, a liquidation group shall be established according to law for liquidation.

Article 90

Where an insurance company is in any of the circumstances specified in Article 2 of the Enterprise Bankruptcy Law of the People's Republic of China, with the consent of the the State Council Insurance Regulatory Authority, the insurance company or its creditors may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation according to law; The State Council insurance supervision and administration institution may also apply to the people's court for reorganization or bankruptcy liquidation of the insurance company according to law.

Article 92

If an insurance company engaged in life insurance business is revoked or declared bankrupt according to law, its life insurance contract and liability reserve must be transferred to other insurance companies engaged in life insurance business.

If the transfer agreement cannot be reached with other insurance companies, the insurance company operating life insurance business designated by the State Council Insurance Regulatory Authority shall accept the transfer.

If the life insurance contract and liability reserve specified in the preceding paragraph are transferred or accepted by the the State Council Insurance Regulatory Authority, the legitimate rights and interests of the insured and beneficiaries shall be safeguarded.

Extended data:

According to the Insurance Law of People's Republic of China (PRC):

Article 136

If the insurance clauses and premium rates used by insurance companies violate laws, administrative regulations or the relevant provisions of the insurance supervision and administration institution of the State Council, the insurance supervision and administration institution shall order them to stop using them and modify them within a time limit; If the circumstances are serious, it may be forbidden to declare new insurance clauses and insurance rates within a certain period of time.

Article 137

The State Council insurance regulatory agency shall establish and improve the solvency supervision system of insurance companies, and monitor the solvency of insurance companies.

Article 138

The insurance regulatory agency of the State Council shall list the insurance companies with insufficient solvency as the key regulatory targets, and may take the following measures according to the specific circumstances.

(a) ordered to increase capital and reinsurance; ?

(2) limiting the business scope; ?

(3) Restrict dividends to shareholders; ?

(four) limit the purchase scale of fixed assets or operating expenses; ?

(five) the form and proportion of restricting the use of funds; ?

(6) Restricting the addition of branches; ?

(seven) to order the auction of non-performing assets and the transfer of insurance business; ?

(8) Limiting the remuneration levels of directors, supervisors and senior managers; ?

(9) Restricting commercial advertisements; ?

(ten) ordered to stop accepting new business.

Article 139

If an insurance company fails to withdraw or carry forward various liability reserves in accordance with the provisions of this Law, or fails to handle reinsurance in accordance with the provisions of this Law, or seriously violates the provisions of this Law on the use of funds, the insurance supervision and regulation institution shall order it to make corrections within a time limit, and may also order it to adjust the responsible person and relevant management personnel.

Article 140

If the insurance company fails to make corrections within a time limit after the insurance supervision and administration institution has made a decision to make corrections within a time limit in accordance with the provisions of Article 140 of this Law, the insurance supervision and administration institution of the State Council may decide to appoint insurance professionals and designate relevant personnel of the insurance company to form a rectification organization to rectify the company. The rectification decision shall specify the name of the company to be rectified, the reasons for rectification, the members of the rectification team and the rectification period, and make an announcement.

Article 14 1

The rectification organization has the right to supervise the daily business of the rectified insurance company. The person in charge and relevant management personnel of the reorganized company shall exercise their functions and powers under the supervision of the reorganization team.

Article 142

During the rectification process, the original business of the rectified insurance company continued. However, the the State Council Insurance Regulatory Authority may order the reorganized company to stop some of its original businesses, stop accepting new businesses and adjust the use of funds.

Baidu Encyclopedia-People's Republic of China (PRC) and China Insurance Law