Please refer to 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 no transfer agreement can be reached with other insurance companies, the insurance company operating life insurance business shall be designated by the State Council Insurance Regulatory Authority to accept the transfer.
..... shall safeguard the legitimate rights and interests of the insured and the beneficiary.
Please rest assured that it is safer to deposit money in an insurance company than in a bank.