Article 2 The insurance companies mentioned in these Measures refer to Chinese-funded insurance companies, Sino-foreign joint venture insurance companies, wholly foreign-owned insurance companies and branches of foreign insurance companies established in China with the approval of the insurance supervision and administration department.
Article 3 The term "insurance guarantee fund" as mentioned in these Measures refers to the non-governmental industry risk relief fund formed in accordance with the Insurance Law of People's Republic of China (PRC) and the provisions of these Measures to help the insured. Under the circumstances stipulated in Article 16 of these Measures, the transferee of the policy may handle the insurance risks. The term "applicant" as mentioned in these Measures refers to the cancellation of the welfare policy that both parties to an insurance contract (including the applicant, the insured or the beneficiary) have the right to request or the bankruptcy of the insurance company according to law. The term "policy transferee company" as mentioned in these Measures refers to the life insurance business that has been revoked or bankrupt according to law, and the insurance company that accepts the life insurance contract transferred by the insurance company according to law.
Article 4 Insurance guarantee funds are divided into property insurance guarantee funds and personal insurance guarantee funds. The property insurance guarantee fund shall be established by the property insurance company. The individual insurance guarantee fund shall be paid by the individual insurance company.
Article 5 The insurance protection fund shall be managed and used in a unified way according to law in accordance with the principles of protecting the interests of the insured and maintaining the smooth operation of the insurance industry.
Article 6 China Insurance Protection Fund Co., Ltd. (hereinafter referred to as the Insurance Protection Fund Company), which is wholly state-owned, shall be established to be responsible for raising, managing and using the insurance protection fund according to law. The insurance protection fund company operates independently according to law, and its board of directors is responsible for the legal use and safety of the insurance protection fund. Insurance guarantee is the economic compensation guarantee provided by the insurer after the risk accident. Economic compensation is the basic function of insurance. After the insurance contract is signed, the insurer shall make a commitment within the insurance period according to the contents, scope and amount agreed in the contract.