EC consults on insurers’ competition exemption

The European Commission has opened a public consultation on the Insurance Block Exemption Regulation, currently due to expire in 2010. Under the existing rule, the insurance industry is allowed to co-operate on issues such as standard policy wordings, the exchange of statistical information to calculate risks and establish insurance pools and joint risks, which, without the exemption, would be subject to Article 81 of the EC’s competition rules.