2. An insurance company is an insurer in the form of a company organization and operates insurance business.
3. The insurance business is operated by insurance companies established in accordance with the Insurance Law and other insurance organizations stipulated by laws and administrative regulations. No other unit or individual may engage in insurance business. If legal persons and other organizations in People's Republic of China (PRC) need to apply for domestic insurance, they should apply for insurance with insurance companies in People's Republic of China (PRC). The insurance industry, banking industry, securities industry and trust industry are operated and managed separately, and insurance companies are set up separately from banks, securities and trust institutions.
Legal basis: People's Republic of China (PRC) Insurance Law.
Article 67 The establishment of an insurance company must be approved by the the State Council Insurance Regulatory Authority.
When examining the application for the establishment of an insurance company, the insurance regulatory agency of the State Council shall consider the development of the insurance industry and the need for fair competition.
Article 68 The establishment of an insurance company shall meet the following conditions:
(1) The major shareholders are profitable continuously, have a good reputation, have no record of major violations of laws and regulations in the last three years, and have net assets of not less than 200 million yuan;
(2) Having articles of association that conform to this Law and the Company Law of People's Republic of China (PRC);
(3) Having a registered capital that meets the requirements of this Law;
(4) Having directors, supervisors and senior managers with professional knowledge and business experience;
(5) Having a sound organizational structure and management system;
(6) Having a business place that meets the requirements and other facilities related to business operation;
(seven) other conditions stipulated by laws, administrative regulations and the State Council insurance regulatory agency.