◆ 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 is 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 falls under the circumstances stipulated 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.
◆ Article 91 After the bankruptcy expenses and debts are paid off first, the bankruptcy property shall be paid off in the following order:
(1) Wages and medical, disability and old-age expenses owed to employees, basic old-age insurance and basic medical insurance expenses owed to employees' personal accounts, and compensation that should be paid to employees according to laws and administrative regulations;
(2) Compensation or payment of insurance benefits;
(3) Social insurance premiums and taxes owed by insurance companies other than those specified in Item (1);
(4) Ordinary bankruptcy claims.
If the bankruptcy property is insufficient to pay off the repayment requirements in the same order, it shall be distributed in proportion.
The wages of directors, supervisors and senior managers of bankruptcy insurance companies shall be calculated according to the average wages of employees of the company.
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.
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