For individual policy holders, the amount of relief is limited to 90% of the policy benefits. 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.
Give priority to paying off bankruptcy expenses and debts. In addition, pay off in the following order:
1. The wages, medical care, disability allowance and pension expenses owed by the bankrupt to the employee, the basic old-age insurance and basic medical insurance expenses owed to the employee's personal account, and the compensation that should be paid to the employee according to laws and administrative regulations;
2. Social insurance premiums and taxes owed by the bankrupt other than those specified in the preceding paragraph;
3. Ordinary bankruptcy claims.
How to compensate for the bankruptcy of an insurance company?
If the insurance company goes bankrupt, the insurance policy will still be valid after entering the bankruptcy liquidation procedure according to law, and insurance compensation can still be obtained in case of major accidents. According to the relevant laws and regulations, an insurance company engaged in life insurance business shall not be dissolved except for division or merger.
If an insurance company engaged in life insurance business is revoked or declared bankrupt according to law, its life insurance contract and 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 financial supervision and regulation department shall designate an insurance company that operates life insurance business to accept it.
What about the company bankruptcy pension insurance?
If the company goes bankrupt, employees' social security can be paid as flexible employees; If the company can't pay the basic old-age insurance premium, the company's property will be paid off after paying off the bankruptcy expenses and debts first. At the same time, the company will give employees economic compensation, and the economic compensation will be paid to the workers according to the standard of paying one month's salary for each full year.
Legal basis:
Article 92 of People's Republic of China (PRC) Insurance Law 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.