What is the mutual aid plan? What's the difference between it and mutual insurance?

The essential difference between mutual aid plan and mutual insurance is "compliance and legality". Because the mutual aid plan is a spontaneous organization, it will not be supervised by relevant departments, and it is easy to leave loopholes for illegal platforms to establish a fund pool. And there is no complete guarantee in financial stability and solvency. It is for this reason that Alipay's "Mutual Treasure" was closed some time ago.

Mutual insurance must be approved by the CBRC before it can be established, and it is a real "certificate-holding post". At present there are only five mutual insurance companies in China. The first domestic mutual insurance company was established in February 2007+2065438. By 2022, it has been running smoothly for five years.

Mutual insurance agency companies must be approved by the CIRC before they can be established, and they are truly "certified". At present, there are only three mutual insurance companies in China. The first one is Zhonghui Property Mutual Insurance Company, which has been running smoothly for five years. Since its opening, the comprehensive risk rating (classified supervision) in each quarter has been Grade A. At the end of the fourth quarter of 2020, the comprehensive (core) solvency adequacy ratio reached 326.85%, and the overall operation was stable and the solvency was sufficient. If you want to know more, you may wish to check Baidu.