1. The Insurance Law does have provisions on this issue: Article 92 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 the transfer agreement cannot be reached with other insurance companies, the insurance company operating life insurance business designated by the State Council Insurance Regulatory Authority shall accept the transfer.

If the life insurance contract and liability reserve specified in the preceding paragraph are transferred or accepted by the the State Council Insurance Regulatory Authority, the legitimate rights and interests of the insured and beneficiaries shall be safeguarded.

Personal opinion: the basic interests stipulated in the policy contract will not be damaged, but there will still be uncertainties in the uncertain parts such as dividends and investment returns.

2. Insurance companies are all enterprises with perfect legal person structure and will not involve money; The difference with large companies lies in the investment strength and ability, but it is not necessarily that the company has a high return; Small companies and new companies may make some policy adjustments, such as shareholders making profits, which cannot be generalized;

As you said, the joint venture company still has shares in the mainland, which can never be withdrawn.

Personal opinion, for reference only.