Japan also has one. It seems that Daiwa Life Insurance (I can't remember) was acquired by other insurance companies.
During the economic crisis in 2008, two famous insurance companies closed down. But it is mandatory in any country: the insurance company closes down or goes bankrupt, but it is absolutely impossible to liquidate assets! Can only be obtained the day after tomorrow. After the acquisition, the compensation reserve and all customer information stored in the original company's account books are handed over to the company that acquired him, and the rights and interests of all customers remain unchanged. To be borne by the acquired company. Because the insurance company's account is always forced to deposit a large amount of payment reserve every year, the money is not allowed to be moved without payment, so the rights and interests of customers can be fully guaranteed after payment. If it really doesn't work and no company is willing to buy him, then the government will come forward, just like AIA.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.