The Office of Fair Trading (OFT) has ruled that the remaining rules of the General Insurance Standards Council (GISC) do not infringe competition laws.
The Office of Fair Trading (OFT) has ruled that rules to improve industry standards are not anti-competitive.
The OFT said the remaining rules of the General Insurance Standards Council (GISC) do not infringe competition laws.
The OFT decision follows the removal by the General Insurance Standards Council (GISC) of rule F42 which required its members to deal only with intermediaries who were also GISC members.
However, the OFT said it is satisified by GISC's clarification, which states that members have been able to leave without giving up their general business.
The OFT's Competition Commission Appeal Tribunal (CCAT) also had concerns about GISC rule F34. The Tribunal felt the rule appeared to make it impossible for an undertaking to leave GISC without ceasing.
However the OFT concluded: "GISC has dispelled those concerns to the satisfaction of the OFT by clarifying that rule and demonstrating that members have been able to leave without giving up their general insurance businesses."
