EC report threatens intervention in insurance market
The European Commission’s final report on Business Insurance (published September 25) has increased the liklihood of possible enforcement proceedings against perceived anti-competitive practices within the London market, according to Reynolds Porter Chamberlain LLP (RPC), the City law firm.
Andrew Hobson, a competition expert at RPC, said: “The EC is clearly marking the insurance industry’s cards. Whilst the EC’s processes may, at times, seem glacial I don’t think this report allows us too much room for complacency.”
According to RPC areas of risk for the insurance industry in London presented by the EC’s report include:
EC’s view that widely used “best terms and conditions” clause may be illegal Proposal to allow the insurance industry’s block exemption from elements ofOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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