券商中国·2025-12-25 02:06Core Viewpoint - The case of Yian Insurance's bankruptcy reorganization is the first of its kind in China, focusing on maximizing the protection of policy creditors' interests through the establishment of a risk isolation mechanism [2][3][4]. Group 1: Background and Process - Yian Insurance was established on February 26, 2016, and was one of the four internet insurance companies in China. It was taken over by the former CBIRC on July 17, 2020, and entered bankruptcy reorganization on May 26, 2022 [3]. - The Beijing Financial Court approved the reorganization plan on February 24, 2023, and confirmed its completion on May 24, 2023. BYD Auto acquired 1 billion shares of Yian Insurance, resulting in a 100% ownership stake [3][5]. Group 2: Risk Isolation Mechanism - The establishment of a risk isolation mechanism is crucial to protect the rights of policyholders, given the diverse nature of policy amounts and the number of policyholders [4]. - Measures taken include timely announcements of the continuation of insurance business and full performance of existing policies, unified representation of creditors by the China Insurance Security Fund, and classification of claims for different types of policies [5][6]. Group 3: Creditor Representation and Claims - The China Insurance Security Fund represented 7,641 policy creditors, accounting for 99.7% of claims, amounting to over 1.12 billion yuan [6][7]. - The court held creditor meetings to review claims and approved the reorganization plan, with all participating creditors agreeing to the plan [7][10]. Group 4: Classification of Claims - Different types of policy claims were handled through classification and separate examination, ensuring comprehensive fulfillment of insurance contracts [8][10]. - The reorganization plan stipulates full cash repayment for various claims, with provisions for unconfirmed claims to be covered by reserved resources [10].