There is growing concern that both policyholders and members will “lose out” on the deal as both groups have yet to receive full details of the potential sale.
The media was banned from attending a meeting between 220 of the group’s 1.1 million members last week.
The All-Party Parliamentary Group for Mutuals is looking to speak to LV= chairman, Alan Cook, and chief executive, Mark Hartigan, to give evidence, as well as mutual sector experts and financial analysts.
The deadline for submission to the investigation is 5 March, with oral evidence sessions being held over the following two months.
Graham Thomas MP, the group’s chair, said: “As chair of the APPG for Mutuals I’m keen to understand why LV= have chosen to sell up to a U.S. private equity firm when its own with-profits committee previously had preferred a bid from fellow mutual Royal London.”