An insurance company funded by Suning Commerce Group Co Ltd, a home appliance retailer, has been approved by the China Insurance Regulatory Commission, CIRC said on Monday.

The insurer, co-founded by Suning Commerce Group and Suning Appliance Co Ltd, the group's second-largest shareholder, will be the first insurance company in the retail industry to have nationwide business.

It will hold 120 million yuan ($19.8 million) in registered capital, of which 90 million yuan was funded by Suning Commerce Group, accounting for 75 percent of the total investment.

The insurer's portfolio will include commission insurance products, premium collection, claim investigations and settlements, on the Chinese mainland.