EC will renew half of block exemption competition rules

Insurers could see the scope of an existing block exemption to European competition rules reduced under a new report adopted by the European Commission. The Insurance Block Exemption Regulation (BER) was renewed most recently in 2003, although it is due to expire on 31 March 2010. The exemption ring-fences the industry from breaching certain competition rules and allows it to operate insurance pools, agree standard policy wordings and exchange information to calculate risks.