Cooperation on standard terms and security devices banned
Insurers will be banned from working together on standard insurance terms and security devices under changes to the European Union (EU) block exemption rules, the FT reports.
The exemption for insurance pools where risk is shared and there is exchange of statistical information so that risks can be accurately underwritten, will remain. But they will be more tightly monitored.
Insurers have said less co-operation within the industry means customers will suffer.
They will be able to comment on the draft proposals. The commission will make a final decision before the end of March next year when the exemptions are due to expire
