BEIJING — China's insurance regulator has approved the launch of Taiping Technology Insurance, the country's first ever insurer to specialize in offering services to the technology sector.

China Insurance Regulatory Commission (CIRC) has issued the approval for China Taiping Insurance Group to launch the technology insurer, according to a CIRC statement.

Headquartered in Jiaxing, a city in East China's Zhejiang province, the new company has a registered capital of 500 million yuan ($77 million).

The company will provide services related with scientific and technological businesses, such as corporate and household property insurance and engineering insurance.

The idea of establishing technology insurers was brought forward by the Ministry of Science and Technology and CIRC in 2006, aiming to provide an insurance mechanism for high-tech firms in their research and development, as well as transfer of technological achievements.