| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2016) 153 final (17.3.16) |
| Publication Date | 17/03/2016 |
| Content Type | Policy-making, Report |
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Pursuant to Article 101(3) of the Treaty on the Functioning of the European Union (TFEU), agreements between undertakings that restrict competition within the meaning of Article 101(1) TFEU may be declared compatible with the internal market if they contribute to promoting technical or economic progress or to improving the production or distribution of goods while allowing consumers a fair share of the resulting benefit, provided that the restrictions are limited to what is strictly necessary (principle of proportionality) and that they do not eliminate competition in respect of a substantial part of the relevant product market. By Regulation (EEC) No 1534/91 (the Empowering Regulation), the Council empowered the Commission to adopt regulations on the application of Article 101(3) TFEU to certain types of agreement between undertakings, decisions of associations of undertakings and concerted practices in the insurance sector. On 24 March 2010, on the basis of the Empowering Regulation, the Commission adopted Regulation (EU) No 267/2010 (the Insurance Block Exemption Regulation (IBER)) exempting two categories of agreement in the insurance sector. Subject to certain conditions, the IBER exempts agreements between (re)insurers to exchange information in the form of joint compilations, tables and studies, and the common coverage of certain types of risk by means of ‘co-(re)insurance pools’. The current IBER entered into force on 1 April 2010 and will expire on 31 March 2017. It aims to ensure effective protection of competition while providing benefits to consumers and adequate legal security for undertakings. Pursuant to Article 8 of the Empowering Regulation, the Commission must submit a report on the functioning and future prospects of the IBER no later than six years after its entry into force. The Commission is carrying out a full impact assessment of possible policy options before the current IBER lapses: non-renewal, partial renewal (one exemption only and/or renewal with amendments) and renewal. The purpose of this Report is to present the Commission’s preliminary views on the functioning and future prospects of the IBER at this stage. In no way does this prejudge the Commission’s final decision following completion of the impact assessment. The report is one step in a comprehensive consultation process to which all stakeholders are invited to contribute. It should be read in conjunction with the accompanying Commission staff working document,which sets out in more detail the Commission staff views on the points made here. The review will continue until early 2017 and the conclusion of the impact assessment. The Commission has commissioned two studies on issues pertaining to the functioning of the IBER that stakeholders have raised in the context of the consultation: supply-side substitutability in insurance and the effects of the different forms of co-(re)insurance available on the market. These studies will contribute to the comprehensive overview of the market on the basis of which the Commission will make its final proposals on the future of the IBER. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2016:153:FIN |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
