The first domestic mutual life insurance company was approved for construction on June 22, and Xinmei Life Insurance Company, the first domestic mutual life insurance agency, was approved by the Insurance Regulatory Commission. Two mutual insurance companies in the property insurance field were also approved at the same time as Shinmei. The Insurance Regulatory Commission pointed out that approving preparations for mutual insurance companies such as Shinmei means taking a new step in building a multi-level insurance market system in China, and is also an important step for the insurance industry to push forward supply-side structural reforms. Mutual insurance with a market space of 800 to 100 billion dollars is one of the mainstream forms of international insurance organization. As of the end of 2014, it accounted for 27.1% of the global insurance market share, covering more than 920 million people. In the US, mutual insurance accounts for 37%, Japan 45%, Germany 43%, and France 46%. Based on China's premium income of 2.4 trillion yuan, the market space for mutual insurance in China can reach 800-1000 billion. Both the US and France have successful practices in the US, and the balance of assets managed by TIAA is US$453 billion. Its products include retirement planning, individual pension accounts, mutual funds, annuity insurance, life insurance, brokerage services, trusts, and consulting seminars. TIAA-CREF was founded by Andrew Carnegie in 1918 and is headquartered in New York, NY. It is ranked 92nd in the US 500 and achieved revenue of 3.4 billion US dollars in 2015. The French Education System Mutual Assistance and Supplementary Health Insurance Union (MGEN, same below) was established in 1946 at the same time as French basic health insurance. The initial participants came from the education system. After nearly 70 years of development, it has become a national insurance scheme covering different industries and regions, with 3.9 million insured persons, making it a leader in the field of supplementary medical insurance in France. Exploring Internet finance based on vocational education channels Chuanglian Education invested RMB 25 million, accounting for 2.5% of the initial operating capital of Xinmei Mutual Life, and became the sponsor. The company's service area in 2015 covered 17 provinces, 40 cities, 6 national ministries and 8 industry associations in China. Currently, there are almost no types of occupational insurance for teachers, doctors, and other occupations in China, and unstable doctor-patient relationships often lead to minor injuries or even death. Therefore, occupational insurance may become a stepping stone to the market for teachers, doctors, etc., and in the future, customized and characteristic products suitable for various markets will continue to be introduced. The risk suggests that the regulatory level is too strong, and the liberalization of some types of insurance falls short of expectations; the market may take longer to accept mutual insurance.