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<ul><li>Chinese electric-car giant BYD Co. got a green light from regulators to take over a bankrupt online insurance unit of the scandal-plagued conglomerate Tomorrow Holding Co. Ltd. with plans to turn it into an auto insurance provider.</li><li>The China Banking and Insurance Regulatory Commission (CBIRC) said Tuesday that it approved BYD’s 100% acquisition of E An Property &amp; Casualty Insurance Co. Ltd.</li><li>Chinese authorities seized the company three years ago.</li></ul>

Chinese electric-car giant BYD Co. got a green light from regulators to take over a bankrupt online insurance unit of the scandal-plagued conglomerate Tomorrow Holding Co. Ltd. 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 &amp; Casualty Insurance Co. Ltd.Chinese authorities seized the company three years ago.

BYD Takes Over Insolvent Online Insurer as Foundation for Auto Insurance Unit