EC Statement: Antitrust - Commission adopts new Block Exemption Regulation for insurance sector
( March 24, 2010, 11:42 GMT | Official Statement) -- Extract: The European Commission has adopted a new Regulation that block exempts certain types of agreements in the insurance sector from the EU's general prohibition of practices restrictive of competition. The new Block Exemption Regulation (BER), which will come into force on the 1st of April, renews two of the four categories of agreements currently exempted, namely joint compilations, tables and studies, and co(re)insurance pools, with some amendments.The European Commission has adopted a new Regulation that block exempts certain types of agreements in the insurance sector from the EU's general prohibition of practices restrictive of competition. The new Block Exemption Regulation (BER), which will come into force on the 1st of April, renews two of the four categories of agreements currently exempted, namely joint compilations, tables and studies, and co(re)insurance pools, with some amendments. Certain information exchange can be justified in order to allow insurers to accurately assess risks. Pooling is also important in order to ensure that all risks can be covered. These two types of agreements justify a block exemption. Other types of cooperation may also be legal but it will be for insurers to self-assess that they comply with the general competition rules....
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