Cooperation on standard terms and security devices banned
Insurers will be banned from working together on standard insurance terms and security devices under changes to the European Union (EU) block exemption rules, the FT reports.
The exemption for insurance pools where risk is shared and there is exchange of statistical information so that risks can be accurately underwritten, will remain. But they will be more tightly monitored.
Insurers have said less co-operation within the industry means customers will suffer.
They will be able to comment on the draft proposals. The commission will make a final decision before the end of March next year when the exemptions are due to expire
The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.
