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.
Compensation after bankruptcy of extended information insurance company;
According to the provisions of Article 21 of the Measures for the Administration of Insurance Protection Funds, if the liquidation assets of an insurance company that has been revoked or bankrupt according to law are insufficient to pay for the benefits of life insurance contracts, the insurance protection fund may provide assistance to the policy transferee company in accordance with the following provisions:
(1) If the applicant is an individual, the amount of assistance shall be limited to 90% of the benefits of the transferred policy;
(2) If the applicant is an institution, the amount of assistance shall be limited to 80% of the benefit of the policy after the transfer.
? References:
Baidu Encyclopedia-People's Republic of China (PRC) and China Insurance Law