What does it mean to open an account in an insurance company?

This phrase means that an insurance company needs to open two accounts when doing business, namely, a RMB account and a foreign currency account.

RMB accounts include RMB demand deposit account, RMB time deposit account, RMB notice deposit account and RMB agreement deposit account. Foreign currency accounts include foreign currency demand deposit account, foreign currency time deposit account, foreign currency notice deposit account and foreign currency agreement deposit account.

By opening RMB accounts and foreign currency accounts, insurance companies can handle all kinds of insurance business and fund settlement business conveniently, and improve the efficiency of business handling and fund use.