Is mutual insurance company legal?

At present, there are only five mutual insurance organizations in China, namely Zhonghui Property Mutual Insurance Agency, Mei Xin Life Mutual Insurance Agency, Hui You Construction Mutual Insurance Agency, Sunshine Agricultural Mutual Insurance Company and China Fishery Mutual Insurance Agency. Moreover, all mutual insurance organizations are established with the approval of the China Banking and Insurance Regulatory Commission, and they are licensed and guaranteed in terms of product compensation. Want to know more can Baidu.