ComCom extends deadline for clearance of IAG-Lumley merger
The Commerce Commission has extended its deadline to April 30 in deciding whether to clear IAG’s purchase of Lumley, which brokers have warned would create a duopoly in the country’s general insurance market.
The commission was supposed to make a decision this Friday.
“Extensions are a common part of the regulatory review process for large transactions of this type. We continue to work closely with the Commerce Commission to obtain the approvals required for completion of this transaction,” IAG spokesman Craig Dowling told NBR ONLINE.