MILAN, May 23 (Reuters) - Italy's insurance regulator has cleared in recent days the agreement between Iccrea Banca and French insurer BNP Paribas Cardif, the head of the cooperative banking group said on Thursday.

In November last year, BNP Paribas Cardif agreed to buy 51% of BCC Vita, the life insurance business of unlisted banking group Iccrea, signing a 15 year distribution accord, with an option to buy a further 19% down the road.

"We got a green light from (insurance supervisor) IVASS so we can now proceed to close the deal," Iccrea Director General Mauro Pastore told a banking conference organized by consultancy Bain.

(Reporting by Valentina Za, editing by Alvise Armellini)