What's the difference between an insurance company and an insurance institution?

Insurance companies are companies that sell insurance contracts and provide risk protection. An insurance company is an insurer in the form of company organization, which deals in insurance business. A financial institution established by an insurance company to engage in commercial insurance business in accordance with China's Insurance Law and Company Law. It is an enterprise specializing in commercial insurance business. The organizational forms of insurance companies in China are joint-stock companies and wholly state-owned companies. A wholly state-owned insurance company shall set up a board of supervisors, which shall be composed of financial supervision departments, relevant experts and employee representatives of the insurance company.

Insurance agents: In China, insurance agents are divided into professional insurance agents and part-time insurance agents.

Insurance institutions:

1 refers to an entity that meets the qualification requirements stipulated by the China Insurance Regulatory Commission, obtains the license to operate insurance agency business with the approval of the China Insurance Regulatory Commission, collects insurance agency fees from the insurer according to the entrustment of the insurer, and handles insurance business on behalf of the insurer within the scope authorized by the insurer. Professional insurance institutions in China can take the following organizational forms: partnership, limited liability company and joint stock limited company.

2. Insurance agency:

Refers to the unit that collects insurance agency fees from the insurer according to the insurer's entrustment while engaging in self-operated business, and is in insurance agency business within the scope authorized by the insurer.

Insurance companies can be divided into the following categories:

1. Life insurance companies, including life insurance, health insurance, accident insurance and annuity insurance.

2. Property insurance companies include fire insurance, marine insurance, land and air insurance, liability insurance, guarantee insurance and other insurances approved by the competent authorities.

3. According to the provisions of the Insurance Law of the Republic of China, the two must operate separately. Therefore, some insurance companies have set up group companies, including life insurance companies and property insurance companies with independent accounting.

4. Reinsurance companies are insurance companies of insurance companies, which disperse and pass on the risks borne by insurance companies.