What are the legal provisions that life insurance companies are not allowed to close down?

The legal provisions that life insurance companies are not allowed to go bankrupt include:

1. Article 90 of the Insurance Law, with the consent of the the State Council Insurance Regulatory Authority, the insurance company or it may apply to the people's court for reorganization and reconciliation according to law. The State Council insurance supervision and administration institution may also apply to the people's court for reorganization or bankruptcy liquidation.

2. Article 92 of the Insurance Law stipulates that 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. Where the insurance supervision and administration institution of the State Council transfers or accepts the transfer of the life insurance contract and liability reserve as stipulated in the preceding paragraph, it shall safeguard the legitimate rights and interests of the insured and beneficiaries.