Which law stipulates that an insurance company cannot go bankrupt?

Legal Analysis: Under the supervision and management of the China Insurance Regulatory Commission, insurance companies cannot close down, but they can be revoked or declared bankrupt according to law. This system is mainly to safeguard the interests of the insured and the stability of China's economic market.

Legal basis: Article 88 of the Insurance Law of People's Republic of China (PRC) stipulates that 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 the transfer agreement cannot be reached with other insurance companies, the insurance supervision and administration institution shall designate an insurance company that engages in life insurance business to accept it. Where the personal insurance contracts and reserves specified in the preceding paragraph are transferred or accepted by insurance supervision and administration institutions, the legitimate rights and interests of the insured and beneficiaries shall be safeguarded.