Impact of watchdog’s raids is unclear, says Momentum

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Impact of watchdog’s raids is unclear, says Momentum
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The Competition Commission is conducting search-and-seizure operations at eight major insurance companies over alleged collusive behaviour

The impact of the Competition Commission’s raid on Momentum Metropolitan will be unclear until the competition watchdog finishes its investigation and decides if it will refer it to the Competition Tribunal, the life insurer said on Wednesday in its 2022 results.

“Given the preliminary stage of the Commission’s investigation, these financial statements do not make provision for the Commission’s allegations relating to contraventions of the Competition Act to the extent that they remain subject to further investigation, assessment and determination,” Momentum Metropolitan said...

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