Legal basis: People's Republic of China (PRC) Insurance Law.
Article 89 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 arise, and it shall be dissolved after being approved by the the State Council Insurance Regulatory Authority. 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 If an insurance company has the circumstances specified in Article 2 of the Enterprise Bankruptcy Law of the People's Republic of China, with the consent of the the State Council Insurance Regulatory Authority, the insurance company or its creditors may apply to the people's court for reorganization, reconciliation or bankruptcy liquidation according to law; The State Council insurance supervision and administration institution may also apply to the people's court for reorganization or bankruptcy liquidation of the insurance company according to law.