An insurance company specializing in coal-related products has won approval from the China Insurance Regulatory Commission to open in North China's Shanxi Province, said the commission's chairman Wu Dingfu.

The coal insurance company, the first of its kind in China, will focus on business like accident insurance, property insurance and liability insurance to insure miners and coal mines.

Based in Shanxi, a coal-rich province, the insurer will expand its business across the country in the future.