1. Eastern Life Insurance Company 200 1 declared bankruptcy, mainly because the capital chain was broken.
2. Guo Xin Life Insurance Company, established in 2005, was disqualified and declared bankrupt only four or five months after its establishment.
3. Anbang Insurance Company formally applied for liquidation, dissolution and bankruptcy in 2020.
Generally speaking, even if the insurance company goes bankrupt, the rights and interests of consumers will not be greatly affected. For example, the CIRC will usually designate other insurance companies to accept the business of bankrupt insurance companies and continue to operate.
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.
The business of insurance companies is divided into two categories:
(1) Personal insurance business, including life insurance, health insurance and accident insurance.
(2) Property insurance business, including property loss insurance, liability insurance, credit insurance, guarantee insurance and other insurance business. Insurance companies in China are generally not allowed to operate life insurance business and property insurance business at the same time.
An insurance company is an insurer in the form of company organization, engaged in insurance business. The insurer in the insurance relationship has the right to collect insurance premiums and establish insurance premium funds. At the same time, in the event of an insured accident, it is obliged to compensate the insured for economic losses.
Insurance companies are companies that sell insurance contracts and provide risk protection. An insurance company refers to an economic organization that operates the insurance industry. Insurance companies refer to commercial insurance companies established with the approval of China Insurance Regulatory Authority and registered according to law, including direct insurance companies and reinsurance companies.
Main types:
Joint stock insurance company:
Similar to joint-stock companies in other industries, joint-stock insurance companies are established by sponsors according to the company law, which stipulates the number of sponsors, the company's debt limit, the types of shares to be issued, taxes, business scope, company power, application procedures, company license, etc. Company organizations in western developed countries are composed of three power groups, namely shareholders, board of directors and senior managers.
Mutual insurance company:
Mutual insurance company is also a form of company organization, but it is a non-profit company with no shareholders, and the company is owned by the insured. Therefore, the insured has a dual identity, both as the owner and the customer of the company. Shareholders of joint-stock insurance companies are not necessarily customers of the company. As the owner, the insured of the mutual company can participate in the election of the board of directors, and the board of directors appoints the senior management personnel of the company to specialize in the business operation and management of the company. The insured can share the operating results in the form of "dividends".
Exclusive insurance company:
Insurance companies established by industrial and commercial enterprises to provide risk insurance or reinsurance for their own enterprises, affiliated enterprises and other affiliated enterprises.