Legal basis: Article 89 of the Insurance Law of People's Republic of China (PRC), an insurance company needs to be dissolved due to division or merger, or the shareholders' meeting decides to dissolve, or the reasons for dissolution stipulated in the company's articles of association arise, and it is dissolved after being approved by the insurance regulatory authority of the State Council. An insurance company engaged in life insurance business shall not be dissolved except for division, merger or cancellation according to law.