According to Article 87 of China's Insurance Law, the bankruptcy of an insurance company must be approved by the CIRC before it can be declared by the court. After an insurance company is declared bankrupt, the court shall organize the China Insurance Regulatory Commission and other relevant departments and personnel to set up a liquidation team to carry out liquidation.
According to Article 88 of the Insurance Law, if an insurance company engaged in life insurance business is revoked or declared bankrupt according to law, its life insurance contract and reserve must be transferred to other insurance companies engaged in life insurance business; If the transfer agreement cannot be reached with other insurance companies, the insurance supervision and administration institution shall designate an insurance company that engages in life insurance business to accept it.
There are two meanings in this. The first is that the insurance company you insure gives your insurance contract to other insurance companies. The second is that if no agreement is reached with other insurance companies, the insurance supervision and administration institution will designate an insurance company to take over.