Regarding the composition of the board of supervisors, it is stipulated that the board of supervisors of a wholly state-owned insurance company shall be composed of representatives of financial supervision and regulation departments, relevant experts and insurance company staff. This provision, first, reflects the state's supervision; Second, to adapt to the characteristics of insurance business, because insurance business is highly professional, inviting relevant experts to serve as members of the board of supervisors will help strengthen supervision; Third, it embodies democratic management, and the participation of company staff representatives can reflect the company's situation more deeply. With regard to the functions and powers of the board of supervisors, the Insurance Law stipulates that the board of supervisors shall supervise the withdrawal of various reserves, minimum solvency and the preservation and appreciation of state-owned assets by wholly state-owned insurance companies, as well as the behavior of senior managers who violate laws, administrative regulations or the articles of association and harm the interests of the company.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.