Virginia regulators have approved United Prosperity Life's plan to acquire a Roanoke insurer that's been in receivership for more than two years.

The State Corporation Commission announced its decision Friday in a news release.

Under the plan, Shenandoah Life Insurance would be converted from a mutual to a wholly owned subsidiary of United Prosperity.

Arizona-based United Prosperity plans to invest a minimum $60
million in Shenandoah Life.

The deal is expected to close by the first quarter of 2012, if
two-thirds of Shenandoah's policyholders approve it.

(Copyright 2011 by The Associated Press. All Rights Reserved.)