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 91

Bankruptcy property shall be paid off in the following order after the bankruptcy expenses and * * * interest debts are paid off first.

(1) Wages and medical, disability and old-age expenses owed to employees, basic old-age insurance and basic medical insurance expenses owed to employees' personal accounts, and compensation that should be paid to employees according to laws and administrative regulations;

(2) Compensation or payment of insurance benefits; ?

(3) Social insurance premiums and taxes owed by insurance companies other than those specified in Item (1); ?

(4) Ordinary bankruptcy claims. If the bankruptcy property is insufficient to pay off the repayment requirements in the same order, it shall be distributed in proportion. The wages of directors, supervisors and senior managers of bankruptcy insurance companies shall be calculated according to the average wages of employees of the company.

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 Measures for the Administration of Insurance Guarantee Funds:

Article 19 If an insurance company is revoked or bankrupt according to law, and its liquidation property is insufficient to pay the benefits of the policy, the insurance protection fund shall provide assistance to the policyholders of non-life insurance contracts in accordance with the following provisions:

(a) the loss of the insured is less than 50 thousand yuan, and the insurance guarantee fund gives full assistance;

(2) If the applicant is an individual, the amount of assistance from the insurance protection fund is 90% of the loss amount exceeding 50,000 yuan; If the applicant is an institution, the amount of assistance from the insurance guarantee fund is 80% of the loss amount exceeding 50,000 yuan.

The loss of the applicant mentioned in the preceding paragraph refers to the difference between the policy interest of the applicant and the amount of claims obtained from the liquidation property.

Article 20 If an insurance company engaged in life insurance business is revoked or bankrupt according to law, its life insurance contract must be transferred to other insurance companies engaged in life insurance business according to law; If the transfer agreement cannot be reached with other insurance companies, it shall be accepted by the insurance company designated by the China Insurance Regulatory Commission to engage in life insurance business.

Article 21 If the liquidation assets of an insurance company that has been revoked or bankrupt according to law are insufficient to pay the payment of the life insurance contract, the insurance guarantee 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.

If the insurance protection fund provides assistance to the policy transferee company in accordance with the provisions of the preceding paragraph, the amount of assistance shall be determined according to the financial situation of the insurance protection fund on the principle of protecting the rights and interests of small and medium-sized policy holders and maintaining the stability of the insurance market.

Twenty-second in order to protect the legitimate rights and interests of the insured, according to the actual situation of social and economic development, with the approval of the State Council, the China Insurance Regulatory Commission may, in conjunction with relevant departments, adjust the amount and proportion of assistance from the insurance protection fund in a timely manner.

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