Chinese firm gets U.S. OK to buy American life insurance company

NEW YORK - China's Anbang Insurance Group has received approval from a U.S. committee for its nearly $1.6 billion purchase of life insurance company Fidelity & Guaranty Life.

This comes on the heels of an announcement two days ago that Anbang is part of a group offering $14 billion to buy the Starwood hotel chain.

A filing with the Securities and Exchange Commission Tuesday said that Fidelity & Guaranty Life, based in Des Moines, Iowa, has received notice from the Committee on Foreign Investment in the U.S. that there are no unresolved national security concerns with regards to its acquisition by Anbang.

The deal, which was announced in November, is targeted to close in the second quarter