Basis: Article 95 of the Insurance Law? Business scope of an insurance company:
(1) Personal insurance business, including life insurance, health insurance, accident insurance and other insurance business;
(2) Property insurance business, including property loss insurance, liability insurance, credit insurance, guarantee insurance and other insurance businesses;
(3) Other insurance-related businesses approved by the the State Council Insurance Regulatory Authority.
An insurer may not concurrently engage in life insurance business and property insurance business. However, insurance companies engaged in property insurance business may engage in short-term health insurance business and accidental injury insurance business with the approval of the State Council Insurance Regulatory Authority.
An insurance company shall engage in insurance business activities within the business scope approved by the the State Council Insurance Regulatory Authority according to law.
Property insurance refers to the insurance in which the applicant pays the insurance premium to the insurer according to the contract, and the insurer is liable for the loss of the insured property and its related interests caused by natural disasters or accidents according to the insurance contract. Property insurance includes property insurance, agricultural insurance, liability insurance, guarantee insurance, credit insurance and other insurance with property or interests as the subject matter of insurance.