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BYD takes over online insurer as base for auto insurance unit

EV giant to pay $1m for insolvent E An seized by authorities in 2020

BYD has joined other automakers who are entering the auto insurance sector.

Chinese electric-car giant BYD got a green light from regulators to take over a bankrupt online insurance unit of the scandal-plagued conglomerate Tomorrow Holding with plans to turn it into an auto insurance provider.

The China Banking and Insurance Regulatory Commission (CBIRC) said Tuesday that it approved BYD's 100% acquisition of E An Property & Casualty Insurance. Chinese authorities seized the company three years ago.

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