The terms of an insurance contract shall be formulated unilaterally by the insurance company, but according to Article 107 of Chapter V of the Insurance Law, the insurance clauses and premium rates of insurance products related to social public interests, legally compulsory insurance products and newly developed life insurance products shall be reported to the insurance supervision and administration institution for examination and approval. When examining and approving, the insurance supervision and administration institution shall follow the principles of protecting public interests and preventing unfair competition. The scope and specific measures for examination and approval shall be formulated by the insurance regulatory agency. The insurance clauses and premium rates of other types of insurance shall be reported to the insurance supervision and administration institution for the record. "
The examination, approval and filing of insurance clauses is the statutory duty of the China Insurance Regulatory Commission. As the competent authority and supervision department, the CIRC enjoys exclusive and inalienable rights to the examination and approval and filing of insurance clauses, which can neither be transferred nor waived.
So to sum up, the insurance contract is formulated by the insurance company, but it must be filed by the China Insurance Regulatory Commission before it can be listed for sale! I hope I can help you!
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.