28 March 2017
LMA issues revised competition law guidance as IBER lapses
The European Commission is allowing the Insurance Block Exemption Regulation (IBER) to lapse on 31 March. This regulation gave the industry a safe harbour from competition law in relation to the collection of market-level data and pooling of underwriting capacity where certain criteria were met.
"The Commission's announcement at the end of last year that IBER would not be renewed was widely expected" said LMA’s head of legal and compliance, Kees van der Klugt, "but it means that where pooling of capacity would otherwise have fallen into the IBER safe harbour, firms in the market must place heavier reliance on individually ensuring compliance with the underlying competition law, both UK and EU."
The LMA has updated its competition law guidance to reflect the new position. This includes a self-assessment checklist devised with David Kendall and Becket McGrath of Cooley LLP.
Kees added: “All firms in the marketplace, when entering into co-insurance binding authorities, lineslips, consortia or similar arrangements, need to undertake some sort of self-assessment process. We believe this revised guidance and simple checklist will prove useful for that."
The new guidance is due to be published on 31 March.
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Notes to Editors
For further information please contact:
James Milne, Communications Manager
Lloyd’s Market Association
T 0207 327 8405
About the Lloyd’s Market Association (LMA)
Formed in 2001 and located in the heart of the Lloyd’s Building in the City of London, the Lloyd's Market Association represents the interests of the Lloyd’s underwriting community. All underwriting businesses at Lloyd’s are members, together managing gross premium income of around £30billion per annum. For more information visit: www.lmalloyds.com.