Then the shareholder is still liable - just like if you insure your house against fire, and a fire happens, but your insurance company goes bankrupt, and the re

Then the shareholder is still liable - just like if you insure your house against fire, and a fire happens, but your insurance company goes bankrupt, and the reinsurer goes bankrupt, then it falls back to you to pay for a new house. Obviously such a thing I don't think has ever happened in modern times, but it's what would happen if all the insurers in the chain couldn't meet their obligations - the debt falls back to the insured person.