The joint merger plan for Insr Insurance Group ASA and NEMI Forsikring ASA received approval from the two companies' boards.
The move is in line with provisions relating to mergers of parent companies and wholly owned subsidiaries, according to a Dec. 21 bourse statement.
Under the plan, completion of the merger is conditional upon obtaining approval from the Norwegian Financial Supervisory Authority, among other conditions.
On Nov. 30, Insr Insurance completed its full acquisition of NEMI. Insr Insurance had previously said that the financial group that will be established once the transaction has been completed may include two separate companies involved in the same type of business for up to six months.