(1) Personal insurance business, including life insurance, health insurance, accident insurance and other insurance business;

(2) Property insurance business, including property loss insurance, liability insurance, credit insurance, guarantee insurance and other insurance businesses;

(3) Other insurance-related businesses approved by the the State Council Insurance Regulatory Authority.

An insurer may not concurrently engage in life insurance business and property insurance business. However, insurance companies engaged in property insurance business may engage in short-term health insurance business and accidental injury insurance business with the approval of the State Council Insurance Regulatory Authority.

An insurance company shall engage in insurance business activities within the business scope approved by the the State Council Insurance Regulatory Authority according to law.

Article 96 With the approval of the the State Council Insurance Regulatory Authority, an insurance company may engage in the following reinsurance business of the insurance business specified in Article 95 of this Law:

(1) ceding insurance.

(2) reinsurance.

Article 97 An insurance company shall withdraw 20% of its total registered capital and deposit it in a bank designated by the the State Council Insurance Regulatory Authority. Except for paying off debts during the liquidation period of the company, it shall not be used.

Article 98 An insurance company shall, in accordance with the principle of safeguarding the interests of the insured and ensuring solvency, draw various liability reserves.

The specific measures for the insurance company to withdraw and carry forward the liability reserve shall be formulated by the the State Council Insurance Regulatory Authority.

Article 99 An insurance company shall withdraw its provident fund according to law.

Article 100 An insurance company shall pay the insurance guarantee fund.

The insurance protection fund shall be centrally managed and used as a whole under the following circumstances:

(1) Providing relief to the applicant, the insured or the beneficiary when the insurance company is revoked or declared bankrupt;

(two) when an insurance company is revoked or declared bankrupt, it shall provide relief to the insurance company that accepts its life insurance contract according to law;

(3) Other circumstances stipulated by the State Council.

Specific measures for the collection, management and use of insurance protection funds shall be formulated by the State Council.

Article 101 An insurance company shall have a minimum solvency commensurate with its business scale and risk degree. The difference between the authorized assets and the authorized liabilities of an insurance company shall not be less than the amount stipulated by the the State Council Insurance Regulatory Authority; If it is less than the specified amount, it shall take corresponding measures to reach the specified amount in accordance with the requirements of the the State Council Insurance Regulatory Authority.

Article 102 The insurance premium retained by an insurance company engaged in property insurance business in the current year shall not exceed four times the sum of its actual capital plus its common reserve fund.

Article 103 The liability of an insurance company to each dangerous unit, that is, the maximum loss range that may be caused by an insurance accident, shall not exceed10% of the sum of actual capital plus provident fund; The excess should be reinsurance.

The division of dangerous units by insurance companies shall conform to the provisions of the State Council Insurance Regulatory Authority.

Article 104 The division method of dangerous units and the catastrophe risk disposal plan of an insurance company shall be reported to the insurance supervision and administration institution of the State Council for the record.

Article 105 An insurance company shall handle reinsurance in accordance with the provisions of the the State Council Insurance Regulatory Authority, and carefully select reinsurance recipients.

Article 106 Insurance companies must use their funds prudently and follow the principle of safety.

The use of funds by insurance companies is limited to the following forms:

(1) Bank deposits;

(2) buying and selling bonds, stocks, shares of securities investment funds and other securities.

(3) investing in real estate;

(four) other forms of use of funds as prescribed by the State Council.

Specific measures for the administration of the use of funds by insurance companies shall be formulated by the the State Council Insurance Regulatory Authority in accordance with the provisions of the preceding two paragraphs.

Article 107 An insurance company may establish an insurance asset management company with the approval of the the State Council Insurance Regulatory Authority in conjunction with the the State Council Securities Regulatory Authority.

Insurance asset management companies engaged in securities investment activities shall abide by the provisions of the Securities Law of People's Republic of China (PRC) and other laws and administrative regulations.

Measures for the administration of insurance asset management companies shall be formulated by the State Council Insurance Regulatory Authority in conjunction with relevant departments of the State Council.

Article 108 An insurance company shall, in accordance with the provisions of the the State Council Insurance Regulatory Authority, establish a related party transaction management and information disclosure system.

Article 109 The controlling shareholders, actual controllers, directors, supervisors and senior managers of an insurance company shall not use related party transactions to harm the interests of the company.

Article 110 An insurance company shall truthfully, accurately and completely disclose major matters such as financial and accounting reports, risk management and insurance product management in accordance with the provisions of the the State Council Insurance Regulatory Authority.

Article 111 The personnel engaged in insurance sales of an insurance company shall be of good conduct and possess the professional abilities required for insurance sales. The code of conduct and management measures for insurance sales personnel shall be formulated by the the State Council Insurance Regulatory Authority.

Article 112 An insurance company shall establish an insurance agent registration management system, strengthen the training and management of insurance agents, and shall not instigate or induce insurance agents to engage in activities that violate the obligation of good faith.

Article 113 An insurance company and its branches shall use the insurance business license according to law, and shall not transfer, lease or lend the insurance business license.

Article 114 An insurance company shall formulate insurance clauses and insurance rates fairly and reasonably in accordance with the provisions of the the State Council Insurance Regulatory Authority, and shall not harm the legitimate rights and interests of the applicant, the insured and the beneficiary.

An insurance company shall, in accordance with the provisions of the contract and this Law, fulfill its obligation to compensate or pay insurance benefits in a timely manner.

Article 115 When conducting business, an insurance company shall follow the principle of fair competition and shall not engage in unfair competition.

Article 116 An insurance company and its staff shall not commit the following acts in insurance business activities:

(1) Deceiving the applicant, the insured or the beneficiary;

(2) Concealing important information related to the insurance contract from the applicant;

(3) Obstructing the applicant from fulfilling the obligation of truthful disclosure as stipulated in this Law, or inducing him not to fulfill the obligation of truthful disclosure as stipulated in this Law;

(four) to give or promise to give the insured, the insured and the beneficiary insurance premiums or other benefits other than those stipulated in the insurance contract;

(5) Refusing to perform the obligation of compensation or payment of insurance benefits as stipulated in the insurance contract according to law;

(6) Deliberately fabricating an insurance accident that has never happened or fabricating an insurance contract, or deliberately exaggerating the loss of an insurance accident that has happened, making false claims, defrauding insurance money or seeking other illegitimate interests;

(seven) misappropriation, interception and occupation of insurance premiums;

(8) Entrusting an institution without legal qualifications to engage in insurance sales activities;

(9) Seeking illegitimate interests for other institutions or individuals by conducting insurance business;

(ten) the use of insurance agents, insurance brokers, insurance assessment agencies to engage in fictitious insurance intermediary business, fabricated surrender and other illegal activities;

(eleven) fabricating and spreading false facts to damage the business reputation of competitors, or disrupting the order of the insurance market by other unfair competition methods;

(12) disclosing the business secrets of the applicant and the insured that are known in business activities;

(thirteen) other acts in violation of laws, administrative regulations and the provisions of the the State Council insurance regulatory agency.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.