Why can't life insurance companies go bankrupt?

Life insurance companies cannot go bankrupt, but even if they go bankrupt, life insurance business must be taken over by other life insurance companies, which will not harm the interests of the insured or the insured.

According to the insurance law of People's Republic of China (PRC) (latest revision of 20 18)

Article 92 If an insurance company engaged in life insurance business is revoked or declared bankrupt according to law, its life insurance contract and liability 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 company operating life insurance business designated by the State Council Insurance Regulatory Authority shall accept the transfer.

If the life insurance contract and liability reserve specified in the preceding paragraph are transferred or accepted by the the State Council Insurance Regulatory Authority, the legitimate rights and interests of the insured and beneficiaries shall be safeguarded.

Tips: The above information is for reference only, and no suggestions are made.

Reply time: 202 1-08- 10. Please refer to the latest business changes announced by Ping An Bank in official website.

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