What if the insurance company goes bankrupt?

Legal analysis: after the bankruptcy of an insurance company, it will be supervised by the CIRC. After the capital reorganization, it will be handed over to the new insurance company, which will be responsible for the insurance policy. In order to protect the interests of insurers and guard against the bankruptcy risk of insurance companies, the State Council requires that 20% of the registered capital of insurance companies be deposited in the bank as a deposit for repaying debts in the future to ensure the interests of insurers. At the same time, insurance regulators will integrate bankrupt companies to ensure policy rights.

Legal basis: Article 89 of the Insurance Law of People's Republic of China (PRC), an insurance company needs to be dissolved due to division or merger, or the shareholders' meeting or the shareholders' general meeting decides to dissolve, or the reasons for dissolution stipulated in the articles of association appear, and it is dissolved after being approved by the insurance regulatory authority of the State Council. An insurance company engaged in life insurance business shall not be dissolved except for division, merger or cancellation according to law. When an insurance company is dissolved, a liquidation group shall be established according to law for liquidation. Article 90 of the Enterprise Bankruptcy Law of the People's Republic of China shall, within the supervision period stipulated in the reorganization plan, be supervised by the administrator from the date when the people's court decides to approve the reorganization plan. During the supervision period, the debtor shall report the implementation of the reorganization plan and the debtor's financial situation to the administrator.