Zurich Financial Services’ move to buy listed life insurer ClearView Wealth is being assessed by the competition watchdog.

The Australian Competition and Consumer Commission has issued a questionnaire as part of its initial review after receiving notification of the deal. Its new merger regime, introduced in January, requires businesses to notify it of any acquisitions that meet certain thresholds.

Responses to the questionnaire must be submitted by April 30 and the ACCC will complete its phase-one assessment by June 4.

One of the three questions seeks feedback on concerns about the acquisition’s impact on competition, and another asks for additional information relevant to the commission’s assessment.

The third asks for a brief description of the submitter’s business including its relationship with Zurich or ClearWealth.

Zurich announced the deal in February, when it agreed to buy ClearView at an equity value of $415 million, paying 65c cash per stock for all ordinary shares on issue.

Justin Delaney, Zurich Australia and New Zealand CEO, said the acquisition “brings together Zurich’s strong capital foundation with ClearView’s established in-market product and advice relationships, and represents a clear opportunity to develop the customer experience and competitive offering in the Australian life insurance market”.

ClearView’s board backed the sale to Zurich and have urged shareholders to vote for it at a meeting later this year.

Zurich offers general and life insurance in the Australian market. It has the fourth-largest share of the life market, at 5.2%, according to researcher IBISworld.

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