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TAIPEI, Taiwan (AP) — Taiwan’s Financial Supervisory Commission said Thursday it has conditionally approved AIG’s plan to sell its Taiwanese insurance unit to a local conglomerate.

The commission said that Ruen Chen consortium will be allowed to acquire AIG’s 97.6 percent stake in Nan Shan Life Insurance Co. provided it can deposit NT$30 billion ($1.03 billion) in assets and another NT$6 billion ($207 million) in cash as a guarantee for the deal in 60 days.

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