Maybe. Life insurance companies are also companies and may go bankrupt. However, Chinese laws have strict regulations on the bankruptcy of insurance companies, and the bankruptcy of life insurance companies will not affect consumers' rights and interests. Article 92 of the Insurance Law stipulates that 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 no transfer agreement can be reached with other insurance companies, the insurance company operating life insurance business shall be designated by the State Council Insurance Regulatory Authority to accept the transfer.
Are life insurance and PICC insurance companies?
No, Life refers to China Life, formerly known as People's Insurance Company of China, which was established in 1949. It is a central financial enterprise. Its business scope mainly includes life insurance, property insurance, enterprise and occupational annuity and its industrial investment.
People's Insurance Company of China (PICC) is usually called People's Insurance Company of China. Founded in 1949, China PICC is a central financial enterprise, whose main business scope includes property insurance, life insurance, reinsurance, financial technology and other fields. Its subsidiaries include PICC P&C Insurance, PICC Life Insurance, PICC Health Insurance and PICC Port Insurance.