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Taiwan’s Financial Supervisory Commission says a local conglomerate has met conditions the commission stipulated in June to purchase ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s Taiwanese insurance unit, paving the way for final approval.

The Thursday announcement says that Ruen Chen consortium will be allowed to acquire ÌìÃÀÍøÕ¾´«Ã½´«Ã½’s 97.6 percent stake in Nan Shan Life Insurance Co. after it demonstrated it can deposit NT$30 billion ($1.03 billion) in assets within 60 days.

Nan Shan is the third-biggest insurer in Taiwan.

The commission also determined that Ruen Chen has the ability to lower its debt gradually, another condition for the deal.

American International Group Inc. reached the $2.2 billion transaction with Ruen Chen in January as part of the group’s efforts to reduce U.S. government ownership.

Topics Mergers & Acquisitions ÌìÃÀÍøÕ¾´«Ã½´«Ã½