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What does the social security card red list mean?
Legal basis: People's Republic of China (PRC) Insurance Law.
Article 2 The term "insurance" as mentioned in this Law refers to the commercial insurance behavior in which the applicant pays the insurance premium to the insurer in accordance with the contract, and the insurer is liable for the property losses caused by the possible accidents agreed in the contract, or when the insured dies, is disabled or sick, or reaches the age and time limit agreed in the contract.
Article 7 Where legal persons and other organizations in People's Republic of China (PRC) need to apply for domestic insurance, they shall apply for insurance with insurance companies in People's Republic of China (PRC).
Article 14 After an insurance contract is concluded, the applicant pays the insurance premium as agreed, and the insurer begins to assume the insurance liability at the agreed time.
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