Competition and insurance lawyers Davies Arnold Cooper (DAC) claim the UK insurance market will have nothing to hide from the impending EC inquiry into breaches of anti-competition rules.
The solicitors say the industry could benefit from it if the EC issues guidelines clarifying grey areas and extending block exemptions.
Last month the EC announced it will be investigating the insurance market for possible breaches of Article 81 or Article 82 of the Treaty of Rome. The EC is concerned that the business insurance market is not working as well as it could.
The EC has referred to the possibility of fines up to 10% of global turnover and that they could activate their powers to 'dawn raid'. However, it is hoped that the EC distinguishes the insurance industry from other financial service markets because of the distinctive way in which it operates, including having block exemptions as it is accepted that it is in the interests of consumers that insurers should be allowed to undertake specified joint activities.
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.
