Competition briefing note
On 5 August 2014, the European Commission (Commission) launched a consultation on the functioning and future of the Insurance Block Exemption Regulation (IBER) which exempts certain agreements between companies in the insurance sector from the EU antitrust rules.
The Commission issued a long questionnaire seeking the views of stakeholders to determine whether the IBER should be renewed, partially renewed or abolished as a whole.
If abolished, this will likely result in insurers needing to self-assess the compliance of their activities with EU competition laws which can be a very onerous, time-consuming and expensive task. It would also likely result in legal uncertainty for businesses.
Interested stakeholders have three months until 4 November 2014 to respond to the questionnaire. They are well advised to make their views known to the Commission as soon as possible.
We attach a briefing, which we hope you will find useful and take this opportunity to mention that we have extensive competition law experience in the insurance sector and working with companies to address any concerns raised by the Commission during such consultation processes.
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