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China bans sale of two new smog insurance policies

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China's insurance regulator has banned the sale of two new smog policies because they fell short of standards for insurable items, reports Ecns citing Caixin.

PICC Property and Casualty Co. Ltd., Ping An Annuity Insurance Co. and Ping An Property and Casualty Insurance Co. have been told to stop selling those policies, sources from the insurers said.

A China Insurance Regulatory Commission official said the insurable interests of those policies were not clearly defined.

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