The General Insurance Standards Council (GISC) will ask the Office of Fair Trading (OFT) for exemption from the Competition Act, following the Competition Commission Appeals Tribunal's (CCAT) decision last week.
The General Insurance Standards Council (GISC) will ask the Office of Fair Trading (OFT) for exemption from the Competition Act, following the Competition Commission Appeal Tribunal's (CCAT) decision last week.
The CCAT upheld the Institute of Insurance Brokers' (IIB) appeal against the OFT's decision to pass the GISC's rulebook.
The GISC had originally applied to the OFT for exemption but had been given negative clearance instead.
The CCAT said the granting of negative clearance was “erroneous in law”.
While waiting for a decision on its exemption, a GISC spokeswoman said the council would continue to implement its governance proposals and would review its fee structure in consultation with members.
“It will also turn its communication strategy to consumer awareness of the benefits to them of entrusting their general insurance business to GISC members,” she said.
