Iowa's insurance commissioner has approved CF Corp.'s merger with Fidelity & Guaranty Life, subject to certain conditions.

Per those conditions, Fidelity and Guaranty Life shall not pay any dividend or other distribution to shareholders prior to the third anniversary of the date of the commissioner's order without prior approval.

Additionally, Fidelity & Guaranty Life shall notify the regulator of all affiliated agreements and affiliated investments regardless of size, scope, or materiality. The order further requires that the insurer not proceed with any transaction related to these agreements and investments if the commissioner notifies the company of an objection.