Regulator calls foul on World Cup 'regret' insurance

The insurance regulatory body on Thursday halted the sale of insurance products that carry a whiff of lottery at a time when many consumers are pressing their luck on the ongoing World Cup.

In an announcement released on its official website, the China Insurance Regulatory Commission said it has banned insurers from developing and selling products that exhibit characteristics of gambling or chance, reiterating that insurance products must strictly adhere to the country's Insurance Law.

Shortly before the global soccer event debuted, Chongqing-based Ancheng Property & Casualty Insurance Co Ltd started selling so-called "World Cup regret" insurance at its Tmall store, which is the B2C platform of Alibaba Group Holding Ltd. The insurance products, which sold for 8 yuan ($1.20) apiece, held that if a team was eliminated in a certain round, the buyer would be entitled to a claim of up to 49 yuan.