European Commission Issues Final Report on Competition in the Insurance Sector
15 October 2007 | People and Companies | News | Deneys Reitz Inc
The need for the insurance industry to comply with competition law is highlighted
by the Final Report of the European Commission ("EC") on competition in the
European business insurance sector of 25 September 2007.
It identifies two practices in the business insurance sector which raise potential
competition law concerns. The first relates to the use of so-called "best terms and
conditions" clauses and the manner in which in which large risks are covered by
co-insurance and re-insurance arrangements, and in particular, the fact that participants in the so-called "follow market" are prevented from undercutting the
premiums offered by the lead insurer.
Click here to read more (PDF file 46KB)
