The current insurance law stipulates that the organizational forms of insurance companies should be wholly state-owned companies and joint stock limited companies. Wholly state-owned insurance companies and joint-stock limited insurance companies shall be governed by the relevant provisions of China's company law, except for special provisions in the insurance law. The organizational forms of mutual insurance companies and other insurance companies may be stipulated separately by laws and administrative regulations according to the reform and development of the insurance industry. According to the State Council's approval of China People's Bank's report on the institutional reform plan of China People's Insurance Company, China People's Insurance Company will be reorganized into China People's Insurance (Group) Company (hereinafter referred to as "China Insurance Group") to meet the needs of the socialist market economy. After the reorganization, China Insurance Group has three subsidiaries, namely, China Insurance Property Insurance Co., Ltd., China Insurance Life Insurance Co., Ltd. and China Insurance Reinsurance Co., Ltd., which are engaged in property insurance, life insurance and reinsurance business respectively.

I. China Insurance Regulatory Commission (hereinafter referred to as China Insurance Regulatory Commission) is the competent department of commercial insurance in China, and it is authorized by the State Council to perform its supervisory duties on insurance companies according to law.

Two. 1. An insurance company refers to a company as a legal person established in accordance with the Insurance Law and the Company Law. Insurance companies collect premiums, invest the premium capital in bonds, stocks, loans and other assets, and use the income of these assets to pay the insurance compensation determined in the policy. Through the above business, insurance companies can get high return on investment, provide customers with appropriate insurance services at lower premiums, and make profits.

2. An insurance company is an insurer in the form of company organization and engages in insurance business. The insurer in the insurance relationship has the right to collect insurance premiums and establish insurance premium funds. In the event of an insured accident, it is obliged to compensate the insured for economic losses.

3. Insurance companies sell insurance contracts, and major risk protection companies. Insurance companies are economic organizations that operate the insurance industry. Insurance companies are commercial insurance companies established with the approval of China Insurance Regulatory Authority and registered according to law, including direct insurance companies and reinsurance companies.