The Australian Competition and Consumer Commission has cleared Zurich to proceed with its acquisition of life insurer ClearView Wealth.

The decision comes after the commission reviewed the proposed deal under merger notification rules that took effect in January.

It says the transaction “is unlikely to have the effect of substantially lessening competition in any market” and the combined entity would face competition from other life providers in the retail adviser channel.

“The merged firm would be unlikely to have the ability and incentive to foreclose rival financial advisers’ access to life insurance products, given there are alternative suppliers of life insurance.”

While third parties raised concerns, the commission says these “generally related to broader structural dynamics and commercial practices” in the life industry, rather than anything specific to the deal.

ClearView’s shareholders are expected to vote on the buyout in the second half of the year. Its board has backed Zurich’s offer to buy the business at an equity value of about $415 million.