The much awaited European Commission’s (EC) final report into business insurance was published in September 2007 (click here for a link to the December 20, 2007 blog entry on the EAPD workshop into the competition inquiry). The report urged the market to review its practices and recent statements by EC officials (speaking in a personal capacity at a web-seminar) suggested that the subscription market had months rather than years to carry out reviews and amend its current practices to avoid enforcement action.
It is understood that, in response to the EC, the Lloyd’s Market Association (LMA), Lloyd’s and the International Underwriting Association are sending separate submissions to the Comite Europeen des Assurances to demonstrate that existing subscription market practices are efficient, justified and highly competitive, as well as establishing a dialogue with the EC in defence of such practices.
